Summary of Returns
November 2025

                         November vs. October          Six Months from Now
                                                       vs. November

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

General Business   -12.8  29.2  39.8  31.0  -1.7  36.2  54.3  36.4  4.7   49.6
Activity

New Orders          18.2  25.6  40.2  34.2  -8.6  49.8  60.1  34.4  4.6   55.6

Shipments           6.0   21.5  47.4  30.2  -8.7  48.4  54.0  39.5  5.6   48.4

Unfilled Orders     -2.2  19.8  53.9  26.3  -6.5  19.2  20.4  73.2  5.4   15.0

Delivery Times      6.6   14.1  67.6  18.3  -4.3  9.3   13.9  77.5  8.6   5.3

Inventories         5.4   24.7  49.7  22.0  2.7   0.9   24.5  66.6  8.9   15.6

Prices Paid         49.2  58.6  38.7  2.5   56.1  59.8  75.1  24.9  0.0   75.1

Prices Received     26.8  25.9  66.0  8.2   17.7  45.7  56.8  43.2  0.0   56.8

Number of Emp.      4.6   15.6  74.8  9.6   6.0   21.4  36.1  63.1  0.3   35.7

Avg. Emp. Wrkwk.    12.8  9.7   84.3  6.0   3.7   10.6  28.2  71.8  0.0   28.2

Capital Ex.          --    --    --    --    --   25.2  26.7  72.4  0.0   26.7


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 November 17, 2025.

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

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