Summary of Returns
February 2023

                         February vs. January          Six Months from Now
                                                       vs. February

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

General Business    -8.9  6.7   57.0  31.0 -24.3  4.9   28.5  39.1  26.8  1.7
Conditions

New Orders         -10.9  21.7  41.2  35.3 -13.6  2.4   33.0  42.1  23.9  9.2

Shipments           11.1  26.6  53.4  17.9  8.7   9.1   26.8  47.3  22.3  4.6

Unfilled Orders    -19.2  16.6  47.4  33.6 -17.0  -0.6  10.1  64.2  22.5 -12.4

Delivery Times      -5.6  11.9  59.6  25.5 -13.6  -9.1  3.3   69.4  27.3 -24.0

Inventories         0.9   20.2  69.0  4.9   15.3  -3.2  18.6  56.7  23.4  -4.9

Prices Paid         24.5  34.2  55.3  7.7   26.5  25.7  37.0  43.9  19.1  17.9

Prices Received     29.9  23.7  64.6  8.8   14.9  21.3  37.8  43.5  18.7  19.1

Number of Emp.      10.9  20.5  61.0  15.4  5.1   -1.9  20.4  67.4  12.3  8.1

Avg. Emp. Wrkwk.    4.0   18.2  59.5  21.3  -3.2  -6.9  15.8  65.5  17.9  -2.1

Capital Ex.          --    --    --    --    --   10.5  18.8  67.2  11.3  7.5


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 February 13, 2023.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: February 16, 2023, at 8:30 a.m. ET.

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