Business Outlook Survey Table of Results, May 
May 2020

                       May vs. April                 Six Months from Now
                                                     vs. May

                 Prev.                         Prev.
                 Diff.  Inc. No ch. Dec. Diff. Diff.  Inc. No ch. Dec. Diff.
                 Index                   Index Index                   Index

General Business  -56.6  14.9  27.0  58.1 -43.1  43.0  62.4  19.0  12.8  49.7
Conditions

New Orders        -70.9  25.3  23.8  50.9 -25.7  36.5  64.8  16.3  10.1  54.7

Shipments         -74.1  19.1  30.8  49.4 -30.3  46.0  55.9  22.3   9.9  46.0

Unfilled Orders   -13.5  18.5  48.7  32.2 -13.7  17.0  23.2  49.1  17.2   6.0

Delivery Times      4.1  15.6  62.1  22.3  -6.7   1.4  17.9  58.9  12.8   5.1

Inventories       -10.2  36.3  36.7  24.6  11.7  13.7  25.6  35.7  27.0  -1.4

Prices Paid        -9.3  16.2  70.6  13.0   3.2  25.5  29.5  50.7   8.4  21.2

Prices Received   -10.6   6.4  84.1   9.5  -3.1  16.9  24.3  59.5   8.7  15.6

Number of Emp.    -46.7   8.5  64.4  23.8 -15.3  26.6  34.5  36.2  18.3  16.2

Avg. Emp. Wrkwk.  -54.5  15.2  61.5  22.3  -7.1  26.0  27.5  52.3   8.0  19.6

Capital Ex.        --    --    --    --    --    12.4  29.1  44.7  13.9  15.2


Notes: (1) Diffusion indexes represent the percentage of respondents indicating
           an increase minus the percentage indicating a decrease.
       (2) All data are seasonally adjusted.
       (3) Percentages may not sum to 100 percent because of rounding,
           omission by respondents, or both.
       (4) Survey results reflect data received through May 18, 2020.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: May 21, 2020, at 8:30 a.m. ET.

May 2020 Release
Manufacturing Business Outlook Survey Home Page
Downloading Historical Data for the Manufacturing Business Outlook Survey