February 2026 Manufacturing Business Outlook Survey - Summary of Returns

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
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