January 2022

                       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   15.4  30.6  59.6   7.4  23.2  19.0  44.2  38.5  15.5  28.7
Conditions

New Orders         13.7  36.2  45.5  18.3  17.9  24.2  46.0  31.8  16.7  29.4

Shipments          15.3  39.3  40.8  18.5  20.8  32.0  63.4  14.0  17.8  45.6

Unfilled Orders    11.4  30.3  56.7   6.8  23.5  -6.0  18.7  51.0  25.6  -6.9

Delivery Times     31.4  29.5  57.3   4.2  25.2   6.8  16.5  60.2  18.8  -2.3

Inventories        13.2  22.3  54.4  19.2   3.1  12.0  23.9  56.3  12.2  11.8

Prices Paid        66.1  72.5  26.6   0.0  72.5  53.8  78.3  14.6   1.9  76.4

Prices Received    50.4  50.3  45.1   3.9  46.4  54.9  65.3  27.8   2.7  62.6

Number of Emp.     33.9  30.5  62.8   4.5  26.1  56.6  40.7  50.0   2.3  38.4

Avg. Emp. Wrkwk.   30.4  18.9  67.3   9.3   9.6   6.5  21.0  62.9  12.0   9.0

Capital Ex.        --    --    --    --    --    20.0  31.7  59.6   5.5  26.2


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 January 18, 2022.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: January 20, 2022, at 8:30 a.m. ET.

January 2022 Release
Manufacturing Business Outlook Survey Home Page
Downloading Historical Data for the Manufacturing Business Outlook Survey