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 28.0 in September 2026, compared to 29.2 in the previous month.
Sample. There are 701 data points in the monthly time series presented in the chart above. The series covers the time period stretching from May 1968 to September 2026.
History. Take a look at some summary statistics we calculated on the whole sample: the diffusion index attained a maximum of 67.0 in March 1973; it reached its minimum of -66.0 in December 1974; it was equal on average to 9.6.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 34.5000 |
| 2026-08-31 | 29.2000 |
| 2026-09-30 | 28.0000 |
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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.