Nonmanufacturing Business Outlook Survey: Inventories: 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. Based on firms' responses to the Nonmanufacturing Business Outlook Survey carried out by the Philadelphia FED, the seasonally adjusted diffusion index for inventories (share of CEOs seeing a recent increase minus share reporting a decrease) was -9.3 in September 2026, compared to -1.1 in August 2026.
Sample. In this monthly series, there are 187 data points in total. The time span covered by the series extends from March 2011 to September 2026.
History. Check out a few simple statistics computed on the entire sample: the diffusion index was equal on average to 1.8; it recorded its maximum of 16.2 in July 2014; it registered a minimum of -11.5 in May 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | -3.80000 |
| 2026-08-31 | -1.10000 |
| 2026-09-30 | -9.30000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did inventories 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) |
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