Empire State Manufacturing Survey: Inventories: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - NY FED - Monthly
This series is part of the dataset: Empire State Manufacturing Survey (NY FED)
Download Full Dataset (.xlsx)Latest updates. Based on manufacturing firms' responses to the Empire State Survey carried out by the New York FED, the seasonally adjusted diffusion index for inventories (share of CEOs seeing a recent increase minus share reporting a decrease) was -4.9 in September 2025, compared to -6.4 in the previous month.
Sample. The montly time series displayed in the chart has 291 records overall. The series covers the time range going from July 2001 to September 2025.
History. Here's a glimpse of some statistics we calculated on the whole sample: the diffusion index had a mean value of -2.9; it recorded its maximum of 40.0 in September 2001; it recorded a minimum of -36.5 in July 2009.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-07-31 | 15.6 |
| 2025-08-31 | -6.4 |
| 2025-09-30 | -4.9 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did inventories increase or decrease in the past month? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Coincident indicator of the business cycle |
| Deflation method | Not applicable |
| Seasonally adjusted | Yes |
| Rescaling | None |
| Frequency | Montly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of New York |
| Source type | Central bank |
| Data licence | Free use subject to conditions |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
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