Summary of Returns
August 2025

                         August vs. July               Six Months from Now
                                                       vs. August

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

General Business    15.9  29.9  35.8  30.2  -0.3  21.5  40.5  36.0  15.5  25.0
Conditions

New Orders          18.4  34.2  26.9  36.2  -1.9  30.0  59.3  20.7  20.0  39.2

Shipments           23.7  28.9  46.7  24.4  4.5   23.6  58.6  20.1  18.3  40.3

Unfilled Orders     5.7   10.8  57.0  27.7 -16.8  18.4  24.5  55.9  16.8  7.7

Delivery Times      -4.7  12.9  68.8  18.3  -5.4  10.4  15.6  71.2  11.0  4.5

Inventories         -1.3  15.7  58.9  21.8  -6.2  10.7  13.9  57.4  28.2 -14.3

Prices Paid         58.8  66.8  33.2  0.0   66.8  75.3  68.4  30.9  0.0   68.4

Prices Received     34.8  36.1  63.9  0.0   36.1  59.4  49.7  46.0  1.2   48.5

Number of Emp.      10.3  15.8  74.3  9.9   5.9   20.1  27.6  55.7  14.9  12.7

Avg. Emp. Wrkwk.    0.4   14.2  76.3  9.5   4.7   12.4  11.1  81.6  6.9   4.3

Capital Ex.          --    --    --    --    --   17.1  45.0  48.3  6.6   38.4


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 August 18, 2025.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: August 21, 2025, at 8:30 a.m. ET.

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