January 2026 Manufacturing Business Outlook Survey - Summary of Returns

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.

 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.