Summary of Returns
April 2025

                       April vs. March               Six Months from Now
                                                     vs. April

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

General Business  12.5  12.5  40.6  38.9 -26.4  5.6   35.9  25.2  29.0  6.9
Conditions

New Orders        8.7   10.7  44.4  44.9 -34.2  2.3   35.6  27.3  29.1  6.6

Shipments         2.0   15.4  59.2  24.5  -9.1  11.3  37.1  25.6  32.2  5.0

Unfilled Orders   0.6   13.0  72.8  14.1  -1.1  -0.6  27.5  52.7  16.1  11.4

Delivery Times    4.1   8.7   76.1  11.4  -2.6  3.9   15.8  64.9  15.6  0.2

Inventories       -5.7  16.6  57.7  17.5  -0.9  10.0  23.1  45.2  23.3  -0.2

Prices Paid       48.3  53.8  35.6  2.7   51.0  44.6  63.1  30.1  0.0   63.1

Prices Received   29.8  30.7  64.1  0.0   30.7  39.7  68.1  27.3  0.4   67.7

Number of Emp.    19.7  6.0   83.5  5.9   0.2   17.3  21.8  49.7  22.3  -0.6

Avg. Emp. Wrkwk.  8.7   4.9   76.0  17.6 -12.7  0.0   13.7  65.1  14.9  -1.2

Capital Ex.        --    --    --    --    --   13.4  12.2  74.2  10.3  2.0


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 April 14, 2025.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: April 17, 2025, at 8:30 a.m. ET.

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