July 2020

                       July vs. June                 Six Months from Now
                                                     vs. July

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

General Business   27.5  45.1  29.4  21.1  24.1  66.3  48.5  22.6  12.5  36.0
Conditions

New Orders         16.7  46.7  29.4  23.7  23.0  67.9  66.0  19.2  10.4  55.6

Shipments          25.3  38.2  38.7  22.9  15.3  65.0  64.5  16.2  13.1  51.3

Unfilled Orders    -0.1  16.9  68.9  12.9   3.9  31.5  28.3  58.9   6.4  22.0

Delivery Times      0.4   9.7  72.4  16.0  -6.4  18.5  25.6  55.0  15.1  10.5

Inventories         0.0  10.6  64.7  22.4 -11.8   2.9  28.5  49.3  19.6   8.9

Prices Paid        11.1  15.7  84.3   0.0  15.7  44.3  45.6  47.4   2.6  43.0

Prices Received    11.0  14.4  82.8   2.9  11.5  28.9  31.2  58.2   6.4  24.7

Number of Emp.     -4.3  29.2  61.6   9.1  20.1  29.6  36.8  55.1   4.3  32.4

Avg. Emp. Wrkwk.   -6.5  26.3  64.4   9.2  17.2  25.9  32.5  55.6   5.3  27.3

Capital Ex.        --    --    --    --    --    26.3  33.0  58.1   6.4  26.6


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 July 13, 2020.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: July 16, 2020, at 8:30 a.m. ET.

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