Empire State Manufacturing Survey: Number of employees: Current (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 survey data about NY-based manufacturers, the seasonally unadjusted diffusion index for the number of employees (share of CEOs seeing a recent increase minus share reporting a decrease) was -2.9 in September 2025, compared to 5.5 in August 2025.
Sample. This montly time series has a total of 291 data points. The span of time covered by the series goes from July 2001 to September 2025.
History. Here's a snapshot of some statistics calculated on the whole sample: the diffusion index hit a maximum of 30.8 in May 2004; it hit a trough of -48.4 in April 2020; it had a mean of 4.0.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-07-31 | 9.2 |
| 2025-08-31 | 5.5 |
| 2025-09-30 | -2.9 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did the number of employees 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 | No |
| 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) |
Series in the same data set
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