Summary of Returns
June 2025

                         June vs. May                  Six Months from Now
                                                       vs. June

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

General Business    -4.0  24.5  43.6  28.4  -4.0  47.2  45.1  19.0  26.8  18.3
Conditions

New Orders          7.5   26.1  50.1  23.8  2.3   49.7  50.1  21.7  28.0  22.1

Shipments          -13.0  28.4  51.6  20.0  8.3   51.1  49.1  29.1  21.2  27.9

Unfilled Orders     4.9   20.1  68.7  10.8  9.3   3.3   29.0  60.7  10.1  18.9

Delivery Times      -9.2  16.5  79.9  2.8   13.6  8.3   28.8  67.0  4.2   24.5

Inventories         9.7   16.1  68.1  12.5  3.6   5.3   27.2  47.3  23.7  3.6

Prices Paid         59.8  41.4  58.1  0.0   41.4  61.6  68.9  29.8  0.0   68.9

Prices Received     43.6  32.2  65.2  2.6   29.5  50.0  56.3  39.8  3.8   52.5

Number of Emp.      16.5  10.5  68.6  20.3  -9.8  23.0  35.1  54.1  10.5  24.6

Avg. Emp. Wrkwk.    2.0   10.3  77.6  12.0  -1.6  22.2  20.7  72.1  7.3   13.4

Capital Ex.          --    --    --    --    --   27.0  25.2  64.0  10.8  14.5


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 June 16, 2025.

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

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