Summary of Returns
February 2025

                         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    44.3  40.5  34.7  22.5  18.1  46.3  46.3  32.8  18.5  27.8
Conditions

New Orders          42.9  46.1  28.2  24.2  21.9  57.3  46.8  39.5  13.7  33.1

Shipments           41.0  43.7  33.9  17.4  26.3  60.2  51.7  32.1  15.2  36.5

Unfilled Orders     24.0  20.3  59.8  18.9  1.4   14.5  21.5  68.1  10.4  11.0

Delivery Times      6.8   16.5  79.3  4.1   12.4  0.5   12.4  74.0  13.6  -1.2

Inventories         11.7  16.1  61.1  16.5  -0.4  20.2  26.5  62.7  10.1  16.4

Prices Paid         31.9  45.3  49.9  4.8   40.5  67.3  58.6  41.4  0.0   58.6

Prices Received     29.7  33.5  65.9  0.6   32.9  53.6  46.1  53.9  0.0   46.1

Number of Emp.      11.9  10.4  84.6  5.1   5.3   40.4  29.3  64.7  5.6   23.7

Avg. Emp. Wrkwk.    20.5  7.4   88.0  4.5   2.9   14.9  13.7  84.3  2.0   11.6

Capital Ex.          --    --    --    --    --   39.0  20.5  71.6  6.4   14.0


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 17, 2025.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: February 20, 2025, at 8:30 a.m. ET.

February 2025 Release
Manufacturing Business Outlook Survey Home Page
Downloading Historical Data for the Manufacturing Business Outlook Survey