Summary of Returns
May 2021

                       May vs. April                 Six Months from Now
                                                     vs. May

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

General Business   50.2  43.4  44.6  11.9  31.5  66.6  56.9  35.5   4.3  52.7
Conditions

New Orders         36.0  43.5  45.2  11.0  32.5  59.5  55.5  36.6   5.2  50.3

Shipments          25.3  42.3  36.0  21.3  21.0  63.0  64.3  24.9   6.9  57.4

Unfilled Orders    27.2  42.2  55.5   1.8  40.4   4.9  29.5  52.4  13.6  15.9

Delivery Times     27.8  44.6  49.0   3.1  41.5   3.5  22.9  47.7  26.9  -4.0

Inventories        17.3  37.8  44.6  12.2  25.6  21.7  30.2  47.4  13.3  16.9

Prices Paid        69.1  76.8  21.5   0.0  76.8  71.5  74.3  12.7   7.7  66.7

Prices Received    34.5  42.9  54.9   1.9  41.0  63.6  69.8  17.3  11.4  58.4

Number of Emp.     30.8  25.6  65.0   6.3  19.3  55.7  54.9  39.2   2.8  52.1

Avg. Emp. Wrkwk.   29.8  38.9  56.8   3.4  35.5  22.0  28.4  62.0   5.4  23.1

Capital Ex.        --    --    --    --    --    36.7  44.9  41.6   7.5  37.4


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 May 17, 2021.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: May 20, 2021 at 8:30 a.m. ET.

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