Summary of Returns
July 2022

                       July vs. June                 Six Months from Now
                                                     vs. July

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

General Business   -3.3  11.8  61.0  24.2 -12.3  -6.8  16.6  40.0  35.2 -18.6
Conditions

New Orders        -12.4  12.0  51.0  36.8 -24.8  -7.4  20.7  43.2  33.1 -12.4

Shipments          10.8  29.8  55.0  15.0  14.8   3.6  33.0  42.2  20.1  12.8

Unfilled Orders    -7.0  15.8  56.8  26.1 -10.4 -32.0   8.1  49.3  37.8 -29.6

Delivery Times      9.9  19.1  51.7  29.2 -10.2 -36.3   9.2  45.9  42.1 -32.9

Inventories        -2.2   8.6  70.7  17.9  -9.3  -1.7  15.4  60.7  22.2  -6.8

Prices Paid        64.5  55.6  40.4   3.4  52.2  58.5  52.8  34.1   7.8  45.0

Prices Received    49.2  36.5  57.4   6.1  30.3  46.7  42.4  47.1   7.7  34.6

Number of Emp.     28.1  23.7  71.9   4.3  19.4  10.5  29.4  55.5  12.8  16.5

Avg. Emp. Wrkwk.   11.8  13.0  80.5   6.6   6.4   6.4  18.0  64.1  14.7   3.4

Capital Ex.        --    --    --    --    --    11.7   9.8  81.4   5.4   4.4


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 July 18, 2022.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: July 21, 2022, at 8:30 a.m. ET.

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