Summary of Returns
October 2025

                         October vs. September         Six Months from Now
                                                       vs. October

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

General Business    23.2  12.4  58.1  25.2 -12.8  31.5  47.4  34.5  11.2  36.2
Activity

New Orders          12.4  34.5  49.3  16.2  18.2  42.4  57.3  30.5  7.5   49.8

Shipments           26.1  24.1  56.5  18.1  6.0   31.0  51.0  38.3  2.7   48.4

Unfilled Orders     -6.6  17.6  62.6  19.8  -2.2  12.0  29.1  53.3  9.9   19.2

Delivery Times      -3.4  13.3  80.1  6.7   6.6   0.5   14.3  70.9  5.0   9.3

Inventories         15.0  21.1  59.1  15.7  5.4   -3.0  20.1  50.1  19.2  0.9

Prices Paid         46.8  49.2  50.8  0.0   49.2  69.8  63.1  31.8  3.3   59.8

Prices Received     18.8  27.5  69.6  0.7   26.8  64.8  47.4  45.6  1.7   45.7

Number of Emp.      5.6   11.6  80.9  7.0   4.6   23.7  32.3  49.1  10.9  21.4

Avg. Emp. Wrkwk.    14.9  13.8  82.3  1.0   12.8  22.5  17.2  65.8  6.6   10.6

Capital Ex.          --    --    --    --    --   12.5  29.9  58.8  4.7   25.2


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 October 13, 2025.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: October 16, 2025, at 8:30 a.m. ET.

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