Summary of Returns
May 2024

                       May vs. April                 Six Months from Now
                                                     vs. May

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

General Business  15.5  29.2  46.1  24.7  4.5   34.3  44.7  43.0  12.3  32.4
Conditions

New Orders        12.2  24.4  43.1  32.3  -7.9  42.8  55.2  27.6  15.4  39.7

Shipments         19.1  27.9  43.0  29.1  -1.2  29.3  54.9  36.5  8.6   46.2

Unfilled Orders   0.8   9.7   65.8  21.2 -11.5  13.0  28.4  68.6  1.7   26.7

Delivery Times    -9.4  9.1   80.6  9.9   -0.8  0.7   23.7  69.1  7.2   16.5

Inventories       -8.9  13.7  57.3  23.7 -10.1  2.0   24.3  54.0  14.8  9.4

Prices Paid       23.0  18.7  77.6  0.0   18.7  54.5  40.1  51.0  4.7   35.4

Prices Received   5.5   12.6  78.4  6.0   6.6   34.4  35.2  59.1  3.8   31.4

Number of Emp.   -10.7  11.8  66.5  19.7  -7.9  12.8  34.4  50.8  12.7  21.7

Avg. Emp. Wrkwk. -18.7  8.1   75.4  16.5  -8.3  17.3  22.9  67.7  6.4   16.6

Capital Ex.        --    --    --    --    --   20.0  26.5  61.4  6.4   20.1


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 May 13, 2024.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: May 16, 2024, at 8:30 a.m. ET.

May 2024 Release
Manufacturing Business Outlook Survey Home Page
Downloading Historical Data for the Manufacturing Business Outlook Survey