Empire State Manufacturing Survey: Number of employees: Future (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. According to survey data about NY-based manufacturers collected by the Federal Reserve, the seasonally adjusted diffusion index for the number of employees (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 1.2 in September 2025, compared to 6.9 in August.
Sample. In the montly time series shown in the graph, there are 291 data points. The series covers the time range going from July 2001 to September 2025.
History. Have a look at a few statistics calculated on the full sample: the diffusion index recorded a bottom of -22.0 in March 2009; it reached a maximum of 42.8 in July 2021; it averaged 18.0.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-07-31 | 11.0 |
| 2025-08-31 | 6.9 |
| 2025-09-30 | 1.2 |
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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 |
| 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) |
Series in the same data set
Discover the other time series included in this data set.