Summary of Returns
December 2022

                      December vs. November         Six Months from Now
                                                    vs. December

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

General Business-19.4  17.2  51.2  31.0 -13.8  -7.1  36.7  26.5  32.9  3.8
Conditions

New Orders      -16.2  17.2  39.2  43.0 -25.8  -4.8  39.8  26.2  26.1  13.6

Shipments        7.0   23.5  46.8  29.7  -6.2  10.2  43.5  29.8  21.0  22.5

Unfilled Orders -22.9  15.5  54.0  30.2 -14.7 -11.8  22.7  37.4  33.8 -11.1

Delivery Times   -8.8  18.3  51.5  30.2 -11.9 -13.0  12.8  45.7  35.3 -22.4

Inventories      -6.5  19.0  57.7  21.7  -2.7  -9.1  15.3  43.8  31.4 -16.1

Prices Paid      35.3  29.2  65.9  2.9   26.4  18.5  49.4  36.0  10.2  39.2

Prices Received  34.6  24.6  75.1  0.3   24.3  15.7  46.0  33.9  13.3  32.7

Number of Emp.   7.1   17.1  63.8  19.0  -1.8  11.1  28.9  55.2  10.5  18.4

Avg. Emp. Wrkwk. 1.4   12.1  66.8  21.0  -8.9 -12.1  14.4  64.2  15.1  -0.7

Capital Ex.       --    --    --    --    --   6.4   28.2  55.4  10.2  18.0


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 December 12, 2022.

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

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