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. Based on firms' responses to the Manufacturing Business Outlook Survey carried out by the Philadelphia FED, 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, compared to 0.0 in August 2025.
Sample. This monthly series has a total of 689 records. The time range covered by the series extends from May 1968 to September 2025.
History. Check out a few simple statistics we computed on the whole sample: the diffusion index had a mean of 9.4; it reached a maximum of 67.0 in March 1973; it reached its minimum of -66.0 in December 1974.
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) |
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