Nonmanufacturing Business Outlook Survey: Firm-level general business activity: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - Philly FED - Monthly
This series is part of the dataset: Nonmanufacturing Business Outlook Survey (Philly FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about nonmanufacturing firms based in Pennsylvania, New Jersey and Delaware, the seasonally adjusted diffusion index for firm-level general business activity (share of CEOs seeing a recent increase minus share reporting a decrease) was 0.3 in September 2026, compared to -8.2 in the previous month.
Sample. In this monthly series, there are a total of 187 data points. The series covers the period stretching from March 2011 to September 2026.
History. Here's a snapshot of a few simple statistics calculated on the whole sample: the diffusion index recorded its highest level of 56.8 in March 2012; it hit a minimum of -80.4 in April 2020; it had a mean value of 19.2.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 17.5000 |
| 2026-08-31 | -8.20000 |
| 2026-09-30 | 0.300000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did firm-level general business activity 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 | Yes |
| 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
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