Summary of Returns
October 2023

                       October vs. September         Six Months from Now
                                                     vs. October

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

General Business -13.5  25.5  38.0  34.5  -9.0  11.1  36.4  31.1  27.2  9.2
Conditions

New Orders       -10.2  34.4  35.5  30.0  4.4   25.6  40.9  33.2  22.1  18.9

Shipments         -3.2  30.4  50.1  19.5  10.8  30.5  35.7  32.0  30.3  5.4

Unfilled Orders  -13.6  17.7  47.8  34.5 -16.8  -5.6  19.2  54.0  26.8  -7.6

Delivery Times   -14.9  9.3   60.0  30.7 -21.4  -9.5  10.9  58.2  28.0 -17.1

Inventories       8.9   11.2  67.4  18.3  -7.0  -3.4  20.9  59.2  16.0  4.9

Prices Paid       25.7  29.1  64.9  6.0   23.1  48.0  48.5  51.5  0.0   48.5

Prices Received   14.8  21.2  70.1  6.6   14.6  36.5  51.3  43.6  4.4   46.9

Number of Emp.    -5.7  17.1  69.8  13.1  4.0   6.5   22.1  61.5  14.3  7.8

Avg. Emp. Wrkwk.  4.7   14.4  66.2  18.7  -4.3  -1.3  12.5  72.3  14.0  -1.4

Capital Ex.        --    --    --    --    --   7.5   13.1  69.0  17.9  -4.8


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 October 17, 2023.

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

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