Summary of Returns
January 2023

                        January vs. December          Six Months from Now
                                                      vs. January

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

General Business  -13.7  24.3  37.0  33.3  -8.9  -0.9  37.7  26.4  32.8  4.9
Conditions

New Orders        -22.3  28.3  31.1  39.3 -10.9  8.5   33.9  30.7  31.5  2.4

Shipments          -0.9  29.9  46.0  18.8  11.1  20.4  30.1  44.3  21.0  9.1

Unfilled Orders   -14.1  5.6   63.9  24.7 -19.2 -18.1  17.8  56.3  18.4  -0.6

Delivery Times     -7.2  15.9  60.8  21.5  -5.6 -27.0  15.0  55.5  24.1  -9.1

Inventories        -3.0  18.8  60.7  17.8  0.9  -13.0  23.6  45.3  26.8  -3.2

Prices Paid        36.3  39.9  44.7  15.4  24.5  42.7  43.2  32.8  17.5  25.7

Prices Received    28.1  38.6  50.9  8.8   29.9  35.2  38.7  39.4  17.4  21.3

Number of Emp.     -0.9  21.6  64.7  10.7  10.9  18.9  13.5  66.8  15.4  -1.9

Avg. Emp. Wrkwk.   -6.6  15.9  71.2  11.9  4.0   -0.1  7.3   73.7  14.2  -6.9

Capital Ex.         --    --    --    --    --   16.2  24.0  58.8  13.5  10.5


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 January 17, 2023.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: January 19, 2023, at 8:30 a.m. ET.

January 2023 Release
Manufacturing Business Outlook Survey Home Page
Downloading Historical Data for the Manufacturing Business Outlook Survey