February 2022

                       February vs. January          Six Months from Now
                                                     vs. February

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

General Business   23.2  26.3  63.4  10.3  16.0  28.7  38.3  45.3  10.2  28.1
Conditions

New Orders         17.9  31.4  51.3  17.3  14.2  29.4  36.2  50.8  11.4  24.9

Shipments          20.8  31.0  51.3  17.7  13.4  45.6  52.3  38.3   7.5  44.8

Unfilled Orders    23.5  25.4  64.6   9.5  15.8  -6.9   8.6  62.3  26.8 -18.2

Delivery Times     25.2  33.0  56.6  10.0  23.0  -2.3  10.3  57.2  32.5 -22.3

Inventories         3.1  21.8  59.4  17.9   4.0  11.8  23.7  55.2  19.5   4.3

Prices Paid        72.5  73.9  21.4   4.7  69.3  76.4  67.8  19.6   7.5  60.2

Prices Received    46.4  54.1  41.4   4.4  49.8  62.6  59.9  29.6   6.6  53.3

Number of Emp.     26.1  38.2  55.8   5.8  32.3  38.4  38.5  54.9   1.9  36.6

Avg. Emp. Wrkwk.    9.6  16.8  77.3   5.9  10.8   9.0   7.5  83.9   5.1   2.4

Capital Ex.        --    --    --    --    --    26.2  24.4  64.0   2.9  21.5


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 February 14, 2022.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: February 17, 2022, at 8:30 a.m. ET.

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