Manufacturing Business Outlook Survey: New orders: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - Philly FED - Monthly
This series is part of the dataset: Manufacturing Business Outlook Survey (Philly FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about manufacturers collected by the Federal Reserve in Pennsylvania, New Jersey and Delaware, the seasonally unadjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was 10.7 in September 2025, versus 0.0 in the previous month.
Sample. In the monthly series displayed in the chart, there are 689 data points overall. The series covers the span of time extending from May 1968 to September 2025.
History. Here's a glimpse of a few statistics we calculated on the whole sample: the diffusion index recorded a bottom of -66.0 in December 1974; it recorded a maximum of 67.0 in March 1973; it averaged 9.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-07-31 | 10.0 |
| 2025-08-31 | 0.0 |
| 2025-09-30 | 10.7 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did new orders 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 | Monthly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of Philadelphia |
| Source type | Central bank |
| Data licence | Not copyrightable under U.S. law |
| 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.