Summary of Returns
December 2025

                         December vs. November         Six Months from Now
                                                       vs. December

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

General Business    -1.7  17.6  51.3  27.8 -10.2  49.6  54.2  26.6  12.6  41.6
Activity

New Orders          -8.6  25.7  53.7  20.6  5.0   55.6  56.0  31.2  12.0  44.0

Shipments           -8.7  26.3  48.8  23.1  3.2   48.4  52.5  36.6  9.3   43.2

Unfilled Orders     -6.5  7.4   78.9  13.7  -6.2  15.0  18.8  71.0  6.7   12.1

Delivery Times      -4.3  7.6   90.9  1.4   6.2   5.3   13.6  83.9  0.9   12.7

Inventories         2.7   17.5  70.2  11.0  6.5   15.6  21.8  55.4  22.7  -0.9

Prices Paid         56.1  46.0  51.7  2.4   43.6  75.1  70.5  21.7  7.8   62.6

Prices Received     17.7  28.4  67.5  4.1   24.3  56.8  62.5  30.8  6.7   55.8

Number of Emp.      6.0   13.4  83.2  0.4   12.9  35.7  31.8  61.8  4.7   27.1

Avg. Emp. Wrkwk.    3.7   14.7  84.6  0.0   14.7  28.2  20.6  76.1  0.0   20.6

Capital Ex.          --    --    --    --    --   26.7  30.3  69.4  0.0   30.3


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 December 15, 2025.

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

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