Summary of Returns
May 2025

                         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   -26.4  19.0  58.0  23.0  -4.0  6.9   67.3  12.5  20.2  47.2
Conditions

New Orders         -34.2  29.4  48.5  21.9  7.5   6.6   66.1  12.2  16.5  49.7

Shipments           -9.1  14.6  57.5  27.5 -13.0  5.0   71.3  8.5   20.2  51.1

Unfilled Orders     -1.1  20.7  63.4  15.8  4.9   11.4  19.1  63.7  15.8  3.3

Delivery Times      -2.6  5.9   79.1  15.1  -9.2  0.2   17.8  72.7  9.5   8.3

Inventories         -0.9  21.1  64.9  11.4  9.7   -0.2  21.4  59.5  16.0  5.3

Prices Paid         51.0  64.0  31.8  4.2   59.8  63.1  66.0  26.6  4.4   61.6

Prices Received     30.7  43.6  56.4  0.0   43.6  67.7  54.2  41.6  4.2   50.0

Number of Emp.      0.2   23.2  68.3  6.6   16.5  -0.6  36.1  50.8  13.1  23.0

Avg. Emp. Wrkwk.   -12.7  9.2   83.6  7.2   2.0   -1.2  30.1  61.8  7.9   22.2

Capital Ex.          --    --    --    --    --   2.0   31.6  63.3  4.6   27.0


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 May 12, 2025.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: May 15, 2025, at 8:30 a.m. ET.

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