May 2022

                       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   17.6  22.2  56.7  19.7   2.6   8.2  24.4  45.8  22.0   2.5
Conditions

New Orders         17.8  36.3  49.4  14.2  22.1   3.7  37.3  39.8  21.2  16.1

Shipments          19.1  45.9  43.4  10.7  35.3  29.9  40.7  47.8   8.6  32.1

Unfilled Orders     5.7  27.4  63.1   9.5  17.9 -13.4   9.5  50.6  34.0 -24.5

Delivery Times     17.9  24.3  68.8   6.8  17.5 -19.1   5.7  55.6  34.8 -29.1

Inventories        11.9  19.5  61.4  16.3   3.2  17.3  23.8  49.9  19.2   4.6

Prices Paid        84.6  81.1  16.5   2.2  78.9  70.1  62.6  29.8   3.3  59.4

Prices Received    55.0  51.9  47.0   0.2  51.7  62.4  62.5  31.0   3.6  58.9

Number of Emp.     41.4  26.7  70.7   1.2  25.5  38.7  33.4  60.4   4.2  29.2

Avg. Emp. Wrkwk.   20.8  19.5  77.1   3.4  16.1  -2.6  19.7  69.0   8.1  11.7

Capital Ex.        --    --    --    --    --    19.9  27.0  52.3  17.4   9.6


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 May 16, 2022.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: May 19, 2022, at 8:30 a.m. ET.

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