Summary of Returns
November 2020

                       November vs. October          Six Months from Now
                                                     vs. November

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

General Business   32.3  41.6  43.1  15.3  26.3  62.7  60.0  16.0  15.7  44.3
Conditions

New Orders         42.6  48.8  40.2  10.9  37.9  51.6  60.6  20.3  12.5  48.1

Shipments          46.5  40.8  43.3  15.9  24.9  51.7  57.8  23.4  14.7  43.1

Unfilled Orders     8.3  33.4  55.2  11.3  22.2  16.2  26.8  52.6  13.6  13.2

Delivery Times     20.5  21.2  74.9   3.2  18.0   1.9  13.5  71.7   8.7   4.7

Inventories        -2.5  21.8  52.3  20.0   1.8  16.2  30.2  50.5   9.9  20.3

Prices Paid        28.5  38.9  59.1   0.0  38.9  42.3  51.1  40.6   1.8  49.4

Prices Received    14.0  25.5  72.9   0.1  25.4  41.0  40.6  50.9   3.4  37.2

Number of Emp.     12.7  34.0  56.7   6.8  27.2  45.7  41.3  47.5   5.1  36.2

Avg. Emp. Wrkwk.   25.3  32.5  59.4   6.8  25.7  19.8  33.5  49.1  12.7  20.9

Capital Ex.        --    --    --    --    --    36.5  40.0  45.5  14.5  25.5


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 November 16, 2020.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: November 19, 2020, at 8:30 a.m. ET.

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