Average Fed Mfg Survey: Unfilled orders: Future (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - 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 unadjusted diffusion index for unfilled orders stood at 5.7 (share of CEOs seeing a future increase minus share forecasting a decrease) in September 2026, versus 7.6 in the previous month.
Sample. There are 268 data points in the monthly series displayed in the graph above. The period covered by the series is from June 2004 to September 2026.
History. Here’s a quick look at a few simple statistics we computed on the entire sample: the diffusion index recorded its highest level of 25.2 in January 2017; it reached its lowest level of -21.5 in June 2022; it averaged 5.9.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 6.40000 |
| 2026-08-31 | 7.64000 |
| 2026-09-30 | 5.68000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will unfilled orders 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 | No |
| 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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