Summary of Returns
July 2025

                         July vs. June                 Six Months from Now
                                                       vs. July

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

General Business    -4.0  31.7  48.7  15.8  15.9  18.3  41.1  29.9  19.6  21.5
Activity

New Orders          2.3   35.2  42.7  16.8  18.4  22.1  47.9  30.0  17.9  30.0

Shipments           8.3   32.4  51.0  8.8   23.7  27.9  45.1  29.1  21.5  23.6

Unfilled Orders     9.3   16.1  63.8  10.4  5.7   18.9  26.9  61.4  8.5   18.4

Delivery Times      13.6  7.9   75.0  12.6  -4.7  24.5  10.4  79.5  0.0   10.4

Inventories         3.6   20.6  46.4  21.8  -1.3  3.6   23.4  53.8  12.7  10.7

Prices Paid         41.4  60.9  30.8  2.1   58.8  68.9  76.6  19.4  1.2   75.3

Prices Received     29.5  34.8  57.6  0.0   34.8  52.5  60.5  32.7  1.1   59.4

Number of Emp.      -9.8  16.9  70.4  6.6   10.3  24.6  25.8  67.4  5.7   20.1

Avg. Emp. Wrkwk.    -1.6  18.4  56.5  18.0  0.4   13.4  17.7  77.1  5.3   12.4

Capital Ex.          --    --    --    --    --   14.5  22.0  72.9  4.9   17.1


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 July 14, 2025.

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

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