December 2025 Manufacturing Business Outlook Survey - Summary of Returns

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