September 2020

                       September vs. August          Six Months from Now
                                                     vs. September

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

General Business   17.2  33.3  47.9  18.3  15.0  38.8  65.9  18.5   9.3  56.6
Conditions

New Orders         19.0  41.7  42.1  16.2  25.5  55.1  72.4  11.7  15.5  56.9

Shipments           9.4  45.2  43.7   8.5  36.6  46.9  63.6  17.9  15.6  47.9

Unfilled Orders    -0.6  13.1  74.2  12.7   0.4  18.0  33.2  54.5   9.2  24.0

Delivery Times      7.3  18.1  75.6   5.9  12.2   7.3  18.5  64.2  11.3   7.2

Inventories        -1.9  10.9  65.4  21.7 -10.8   6.1  24.9  61.4  13.5  11.4

Prices Paid        15.3  28.6  67.8   3.5  25.1  37.7  57.7  39.0   0.0  57.7

Prices Received    12.4  22.2  73.9   3.8  18.4  30.2  42.9  51.4   0.5  42.4

Number of Emp.      9.0  31.3  51.5  15.6  15.7  29.5  45.9  47.7   3.2  42.7

Avg. Emp. Wrkwk.   11.3  18.5  69.9  10.8   7.8  19.1  37.7  52.4   7.4  30.3

Capital Ex.        --    --    --    --    --    23.0  35.6  56.8   4.6  31.0


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 September 14, 2020.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: September 17, 2020, at 8:30 a.m. ET.

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