December 2021

                       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   39.0  26.8  59.1  11.4  15.4  28.5  38.0  35.6  19.0  19.0
Conditions

New Orders         47.4  28.9  55.3  15.2  13.7  28.0  40.1  37.3  15.8  24.2

Shipments          32.1  28.1  57.5  12.8  15.3  39.8  47.3  30.7  15.3  32.0

Unfilled Orders    27.4  24.6  61.9  13.2  11.4  -0.8  14.9  59.2  20.9  -6.0

Delivery Times     35.7  37.0  57.4   5.6  31.4  -1.6  26.5  48.5  19.8   6.8

Inventories        13.5  32.2  45.6  19.0  13.2  14.1  31.5  41.0  19.5  12.0

Prices Paid        80.0  68.3  27.3   2.3  66.1  63.9  62.4  23.6   8.6  53.8

Prices Received    62.9  50.7  49.0   0.3  50.4  59.4  59.5  30.2   4.6  54.9

Number of Emp.     27.2  39.0  55.8   5.2  33.9  49.3  56.8  38.6   0.2  56.6

Avg. Emp. Wrkwk.   30.6  30.4  69.5   0.0  30.4   9.7  14.9  71.5   8.4   6.5

Capital Ex.        --    --    --    --    --    31.1  30.1  52.6  10.1  20.0


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 December 13, 2021.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: December 16, 2021, at 8:30 a.m. ET.

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