Nonmanufacturing 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: 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 unadjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was -8.1 in September 2026, compared to -14.7 in August 2026.
Sample. There are 187 records in the monthly series shown in the graph above. The time period covered by the series is from March 2011 to September 2026.
History. Here's a snapshot of a few summary statistics computed on the entire sample: the diffusion index recorded a minimum of -55.1 in April 2020; it reached a maximum of 59.3 in March 2012; it had a mean value of 11.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 12.8000 |
| 2026-08-31 | -14.7000 |
| 2026-09-30 | -8.10000 |
Hint. One of the advantages of using FetchSeries is that we provide rich metadata. Check them below to better understand the characteristics of the time series that you use in your work.
Not for investment purposes. Data and analyses available on this web site are not meant for investment purposes or as a basis for financial-decision making. Users should consult expert advice and do their own independent due diligence before pledging money to any investment.
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.