Summary of Returns
September 2023

                         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    12.0  15.9  54.8  29.3 -13.5  3.9   29.8  44.5  18.7  11.1
Conditions

New Orders          16.0  19.1  51.6  29.3 -10.2  18.2  44.4  36.8  18.8  25.6

Shipments           5.7   20.3  56.3  23.5  -3.2  14.9  50.4  29.7  19.9  30.5

Unfilled Orders     -4.8  11.9  60.6  25.5 -13.6  3.8   16.5  61.4  22.1  -5.6

Delivery Times      -7.0  9.5   64.9  24.4 -14.9 -11.3  11.9  66.7  21.4  -9.5

Inventories        -10.2  26.6  53.6  17.7  8.9   -7.3  15.7  65.2  19.1  -3.4

Prices Paid         20.8  26.2  73.3  0.5   25.7  53.0  49.1  49.0  1.1   48.0

Prices Received     14.1  24.7  65.3  9.9   14.8  40.6  39.6  53.5  3.1   36.5

Number of Emp.      -6.0  13.5  67.3  19.2  -5.7  12.0  20.9  64.6  14.4  6.5

Avg. Emp. Wrkwk.    6.3   16.7  71.4  12.0  4.7   8.3   8.5   77.4  9.8   -1.3

Capital Ex.          --    --    --    --    --   -4.5  17.7  72.1  10.2  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 September 18, 2023.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: September 21, 2023, at 8:30 a.m. ET.

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