Empire State Manufacturing Survey: Inventories: Future (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - NY FED - Monthly
This series is part of the dataset: Empire State Manufacturing Survey (NY FED)
Download Full Dataset (.xlsx)Latest updates. According to recent survey data about manufacturing firms in the State of New York, the seasonally unadjusted diffusion index for inventories (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 9.9 in September 2026, versus 7.2 in the previous month.
Sample. There are 303 data points overall in the monthly time series shown in the chart above. The series covers the span of time extending from July 2001 to September 2026.
History. Here's a snapshot of some statistics calculated on the entire sample: the diffusion index reached its highest level of 20.3 in January 2018; it hit a trough of -21.3 in April 2009; it had an average value of 0.6.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 10.0000 |
| 2026-08-31 | 7.20000 |
| 2026-09-30 | 9.90000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will inventories increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading indicator of the business cycle |
| Deflation method | Not applicable |
| Seasonally adjusted | No |
| Rescaling | None |
| Frequency | Monthly |
| 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) |
Series in the same data set
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