Summary of Returns
September 2025

                         September vs. August          Six Months from Now
                                                       vs. September

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

General Business    -0.3  39.9  43.4  16.7  23.2  25.0  52.2  27.0  20.8  31.5
Activity

New Orders          -1.9  41.7  29.0  29.3  12.4  39.2  59.0  24.3  16.7  42.4

Shipments           4.5   44.0  38.1  17.9  26.1  40.3  51.4  28.3  20.3  31.0

Unfilled Orders    -16.8  15.5  61.3  22.1  -6.6  7.7   24.6  60.8  12.6  12.0

Delivery Times      -5.4  6.5   78.3  9.8   -3.4  4.5   12.3  75.0  11.8  0.5

Inventories         -6.2  27.1  60.8  12.1  15.0 -14.3  23.7  49.6  26.7  -3.0

Prices Paid         66.8  48.8  48.4  2.0   46.8  68.4  70.1  27.9  0.3   69.8

Prices Received     36.1  19.5  78.4  0.7   18.8  48.5  64.8  35.2  0.0   64.8

Number of Emp.      5.9   15.8  73.9  10.2  5.6   12.7  30.3  62.6  6.6   23.7

Avg. Emp. Wrkwk.    4.7   22.9  69.1  8.0   14.9  4.3   32.6  55.4  10.1  22.5

Capital Ex.          --    --    --    --    --   38.4  17.0  78.4  4.6   12.5


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 September 15, 2025.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: September 18, 2025, at 8:30 a.m. ET.

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