Summary of Returns
December 2020

                       December vs. November         Six Months from Now
                                                     vs. December

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

General Business   26.3  29.0  50.8  17.9  11.1  44.3  52.7  23.7  13.5  39.2
Conditions

New Orders         37.9  30.7  38.6  28.4   2.3  48.1  56.0  23.4  14.4  41.5

Shipments          24.9  35.5  42.2  21.1  14.4  43.1  55.4  30.5  10.1  45.3

Unfilled Orders    22.2  19.4  60.6  18.0   1.4  13.2  22.6  63.7   9.3  13.3

Delivery Times     18.0  25.1  67.2   6.6  18.5   4.7  17.5  66.2   9.9   7.7

Inventories         1.8  26.4  56.6  16.1  10.3  20.3  24.6  52.8  17.2   7.4

Prices Paid        38.9  29.1  63.4   2.1  27.1  49.4  54.4  33.3   7.8  46.6

Prices Received    25.4  20.1  75.2   2.1  18.0  37.2  41.3  46.1   5.8  35.5

Number of Emp.     27.2  18.3  71.8   9.9   8.5  36.2  44.7  49.5   3.7  41.0

Avg. Emp. Wrkwk.   25.7  22.9  72.0   4.9  18.0  20.9  28.1  58.0  11.1  17.0

Capital Ex.        --    --    --    --    --    25.5  32.5  56.0   8.7  23.8


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 December 14, 2020.

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

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