Nonmanufacturing Business Outlook Survey: New orders: 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 new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was -2.2 in September 2026, compared to -10.1 in August 2026.
Sample. In the monthly series plotted above, there are 187 records. The series covers the time period stretching from March 2011 to September 2026.
History. Check out some summary statistics calculated on the whole sample: the diffusion index peaked at 52.2 in March 2012; it recorded a minimum of -66.6 in April 2020; it was equal on average to 11.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 12.5000 |
| 2026-08-31 | -10.1000 |
| 2026-09-30 | -2.20000 |
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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 | 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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