Empire State Manufacturing Survey: Shipments: 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. Based on manufacturing firms' responses to the Empire State Survey carried out by the New York FED, the seasonally unadjusted diffusion index for shipments (share of CEOs seeing a recent increase minus share reporting a decrease) was -5.9 in September 2025, compared to 3.7 in August 2025.
Sample. In this montly series, there are 291 observations in total. The span of time covered by the series stretches from July 2001 to September 2025.
History. Here's a snapshot of some descriptive statistics computed on the whole sample: the diffusion index reached a maximum of 54.2 in May 2004; it reached its minimum of -61.9 in April 2020; it had an average value of 10.1.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-07-31 | 8.3 |
| 2025-08-31 | 3.7 |
| 2025-09-30 | -5.9 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did shipments 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) |
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