Summary of Returns
March 2023

                         March vs. February            Six Months from Now
                                                       vs. March

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

General Business   -24.3  10.9  53.4  34.1 -23.2  1.7   21.4  45.4  29.4  -8.0
Conditions

New Orders         -13.6  7.0   57.8  35.2 -28.2  9.2   33.2  38.1  28.6  4.6

Shipments           8.7   5.8   61.6  31.2 -25.4  4.6   32.0  43.8  24.2  7.8

Unfilled Orders    -17.0  4.4   65.6  25.7 -21.3 -12.4  13.5  57.2  26.6 -13.1

Delivery Times     -13.6  0.0   75.7  24.3 -24.3 -24.0  4.9   63.8  28.9 -24.0

Inventories         15.3  10.6  66.6  21.8 -11.2  -4.9  19.0  46.9  31.8 -12.9

Prices Paid         26.5  34.8  52.7  11.3  23.5  17.9  40.2  46.4  13.4  26.8

Prices Received     14.9  22.8  62.4  14.8  7.9   19.1  23.6  57.8  15.8  7.9

Number of Emp.      5.1   6.1   73.3  16.4 -10.3  8.1   20.0  66.9  13.1  6.9

Avg. Emp. Wrkwk.    -3.2  0.9   73.1  22.9 -22.0  -2.1  15.0  77.6  7.2   7.8

Capital Ex.          --    --    --    --    --   7.5   12.6  71.0  16.4  -3.8


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 March 13, 2023.

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

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