Summary of Returns
August 2021

                       August vs. July               Six Months from Now
                                                     vs. August

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

General Business   21.9  28.0  59.3   8.5  19.4  48.6  45.5  34.6  11.8  33.7
Conditions

New Orders         17.0  34.4  52.5  11.6  22.8  45.3  52.5  28.9  14.6  38.0

Shipments          24.6  33.9  50.3  15.0  18.9  65.6  56.1  25.8  15.3  40.8

Unfilled Orders    19.0  28.2  49.7  21.1   7.0   6.7  23.4  52.3  19.2   4.2

Delivery Times     33.3  33.7  57.0   7.4  26.3 -10.4  24.2  47.3  22.4   1.8

Inventories        -4.0  11.2  55.0  29.3 -18.1  12.6  39.4  34.6  19.3  20.1

Prices Paid        69.7  73.8  19.9   2.6  71.2  63.0  65.2  17.2  10.6  54.6

Prices Received    46.8  56.4  39.5   2.5  53.9  56.5  75.2  14.8   5.1  70.1

Number of Emp.     29.2  39.4  53.8   6.8  32.6  56.6  48.2  45.1   5.5  42.7

Avg. Emp. Wrkwk.   18.4  25.0  70.5   0.5  24.5  27.0  29.7  58.6   8.9  20.8

Capital Ex.        --    --    --    --    --    41.2  39.0  48.0   5.3  33.7


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 because of rounding,
           omission by respondents, or both.
       (4) Survey results reflect data received through August 16, 2021.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: August 19, 2021, at 8:30 a.m. ET.

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