Business Outlook Survey Table of Results, January 
Summary of Returns
January 2021

                       January vs. December          Six Months from Now
                                                     vs. January

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

General Business    9.1  39.5  44.2  13.0  26.5  43.1  64.4  15.1  11.6  52.8
Conditions

New Orders          1.9  45.3  38.7  15.3  30.0  47.5  63.2  16.2  15.6  47.5

Shipments          12.0  43.4  35.9  20.7  22.7  48.2  62.6  16.8  16.5  46.1

Unfilled Orders    -0.1  31.7  56.7   6.2  25.6  15.4  26.8  51.4  16.0  10.8

Delivery Times     17.3  32.6  64.8   2.6  30.0   7.4  22.2  59.5  14.1   8.1

Inventories         7.7  23.5  64.0  10.9  12.6   8.3  29.4  52.0  15.4  14.0

Prices Paid        24.9  47.3  50.0   1.9  45.4  45.1  46.2  43.5   4.9  41.3

Prices Received    16.1  38.1  60.3   1.5  36.6  34.3  36.9  56.5   3.0  33.9

Number of Emp.      5.6  32.8  53.6  10.3  22.5  41.3  44.1  45.3   5.2  38.9

Avg. Emp. Wrkwk.   15.5  28.9  60.8  10.3  18.6  19.2  25.9  58.8  11.2  14.7

Capital Ex.        --    --    --    --    --    23.8  39.9  51.8   4.5  35.4


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 January 19, 2021.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: January 21, 2021, at 8:30 a.m. ET.

January 2021 Release
Manufacturing Business Outlook Survey Home Page
Downloading Historical Data for the Manufacturing Business Outlook Survey