Summary of Returns
March 2025

                         March vs. February            Six Months from Now
                                                       vs. March

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

General Business    18.1  30.6  46.7  18.1  12.5  27.8  31.4  37.1  25.8  5.6
Conditions

New Orders          21.9  31.8  40.6  23.2  8.7   33.1  31.6  32.2  29.3  2.3

Shipments           26.3  18.5  57.5  16.5  2.0   36.5  38.8  29.7  27.5  11.3

Unfilled Orders     1.4   16.1  63.4  15.5  0.6   11.0  19.0  55.1  19.6  -0.6

Delivery Times      12.4  14.1  70.0  10.0  4.1   -1.2  13.2  70.5  9.3   3.9

Inventories         -0.4  15.2  63.8  21.0  -5.7  16.4  24.1  51.7  14.0  10.0

Prices Paid         40.5  48.3  47.6  0.0   48.3  58.6  45.9  45.5  1.3   44.6

Prices Received     32.9  30.0  66.4  0.3   29.8  46.1  42.2  45.3  2.5   39.7

Number of Emp.      5.3   21.6  70.7  2.0   19.7  23.7  27.9  58.2  10.6  17.3

Avg. Emp. Wrkwk.    2.9   15.1  75.5  6.3   8.7   11.6  14.5  64.6  14.5  0.0

Capital Ex.          --    --    --    --    --   14.0  24.6  57.9  11.1  13.4


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 March 17, 2025.

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

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