Average Fed Mfg Survey: Number of employees: Future (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - FSR - Monthly
This series is part of the dataset: Average Fed Mfg Survey (FetchSeries Research)
Download Full Dataset (.xlsx)Latest updates. Based on an average of regional Federal Reserve manufacturing surveys, the seasonally adjusted diffusion index for number of employees was 20.9 (share of CEOs seeing a future increase minus share forecasting a decrease) in September 2026, versus 26.0 in the previous month.
Sample. This monthly series has a total of 268 records. The series covers the time period going from June 2004 to September 2026.
History. Here's a peek at some statistics calculated on the entire sample: the diffusion index had an average value of 18.1; it recorded a minimum of -23.9 in February 2009; it reached a maximum of 48.4 in June 2021.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 19.2000 |
| 2026-08-31 | 26.0200 |
| 2026-09-30 | 20.9400 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will the number of employees increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading indicator of the business cycle |
| Seasonally adjusted | Yes |
| Deflation method | Not applicable |
| Rescaling | None |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | FetchSeries Research calculations on Federal Reserve data |
| Source type | Data research lab |
| Data licence | Creative Commons Attribution 4.0 International (CC BY 4.0) + FetchSeries disclaimers |
| Other information | Arithmetic average across 5 regional Federal Reserve manufacturing surveys |
| FSR temporal aggregation code | LM01 |
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