Summary of Returns
February 2026

                       February vs. January          Six Months from Now
                                                     vs. February

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

General Business  12.6  31.0  48.5  14.7  16.3  25.5  52.0  30.4  9.2   42.8
Conditions

New Orders        14.4  29.4  52.8  17.8  11.7  32.9  62.6  22.4  8.5   54.1

Shipments         9.5   22.2  50.4  21.8  0.3   40.8  57.0  21.5  9.6   47.4

Unfilled Orders   -4.8  11.4  62.7  24.4 -12.9  6.6   30.1  49.1  8.7   21.4

Delivery Times    7.3   4.5   80.6  14.4  -9.9  -0.4  27.5  60.8  1.4   26.1

Inventories       -8.4  23.7  46.1  23.9  -0.2  7.3   32.0  34.6  19.5  12.4

Prices Paid       46.9  39.7  59.0  0.8   38.9  66.6  56.8  28.5  2.7   54.1

Prices Received   27.8  21.3  73.7  4.5   16.7  61.8  53.1  32.7  3.0   50.1

Number of Emp.    9.7   6.5   83.8  7.8   -1.3  28.8  17.9  67.7  3.1   14.9

Avg. Emp. Wrkwk.  9.1   6.8   72.7  18.4 -11.6  15.0  30.8  57.5  3.1   27.7

Capital Ex.        --    --    --    --    --   30.3  18.3  65.0  3.9   14.4


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 February 16, 2026.

Federal Reserve Bank of Philadelphia
Manufacturing Business Outlook Survey
Released: February 19, 2026, at 8:30 a.m. ET.

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