Summary of Returns
January 2026

                         January vs. December          Six Months from Now
                                                       vs. January

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

General Business    -8.8  23.1  63.1  10.5  12.6  38.1  34.9  36.7  9.3   25.5
Activity

New Orders          5.7   28.3  53.8  13.9  14.4  39.1  47.1  38.8  14.2  32.9

Shipments           3.2   27.3  54.9  17.8  9.5   39.9  52.5  33.1  11.7  40.8

Unfilled Orders     -6.0  8.8   74.2  13.6  -4.8  11.3  24.6  56.2  18.0  6.6

Delivery Times      5.2   10.0  87.3  2.7   7.3   12.4  12.6  74.4  13.0  -0.4

Inventories         8.4   5.8   80.0  14.2  -8.4  -1.5  23.8  59.7  16.5  7.3

Prices Paid         49.3  46.9  53.1  0.0   46.9  64.6  66.6  33.4  0.0   66.6

Prices Received     26.0  31.1  65.7  3.3   27.8  57.2  62.4  34.7  0.6   61.8

Number of Emp.      13.0  19.8  70.1  10.1  9.7   24.7  30.1  68.5  1.3   28.8

Avg. Emp. Wrkwk.    12.5  10.7  87.7  1.6   9.1   17.7  16.9  78.3  1.9   15.0

Capital Ex.          --    --    --    --    --   29.1  33.4  63.5  3.1   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 January 12, 2026.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: January 15, 2026, at 8:30 a.m. ET.

January 2026 Release
Manufacturing Business Outlook Survey Home Page
Downloading Historical Data for the Manufacturing Business Outlook Survey