Summary of Returns
September 2022

                       September vs. August          Six Months from Now
                                                     vs. September

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

General Business    6.2  10.1  69.4  20.0  -9.9 -10.6  26.0  37.3  29.9  -3.9
Conditions

New Orders         -5.1   9.8  62.8  27.4 -17.6  -8.3  37.6  29.9  31.6   6.0

Shipments          24.8  23.1  60.0  14.2   8.8  12.0  40.2  36.9  19.5  20.6

Unfilled Orders    -1.8   4.8  61.9  33.3 -28.5 -38.2  21.9  30.5  44.2 -22.3

Delivery Times      2.7   5.4  70.6  23.6 -18.2 -27.2   5.8  60.5  29.5 -23.7

Inventories         2.3   9.6  71.7  14.4  -4.8   3.7  24.7  52.6  19.7   5.0

Prices Paid        43.6  41.1  47.6  11.3  29.8  47.8  58.7  22.9  13.6  45.1

Prices Received    23.3  33.9  61.8   4.3  29.6  45.0  52.3  29.1  12.9  39.4

Number of Emp.     24.1  14.7  82.6   2.7  12.0  25.1  33.2  52.5  10.8  22.4

Avg. Emp. Wrkwk.    6.1   3.1  90.0   6.9  -3.8   4.4  16.6  74.7   5.8  10.8

Capital Ex.        --    --    --    --    --    18.0  19.4  60.0  14.8   4.6


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 September 13, 2022.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: September 15, 2022, at 8:30 a.m. ET.

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