Nonmanufacturing Business Outlook Survey: Regional 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. Based on firms' responses to the Nonmanufacturing Business Outlook Survey carried out by the Philadelphia FED, the seasonally adjusted diffusion index for regional general business activity (share of CEOs seeing a recent increase minus share reporting a decrease) was -22.0 in September 2026, compared to -10.6 in the previous month.
Sample. There are 187 data points overall in the monthly time series presented in the graph above. The series covers the period going from March 2011 to September 2026.
History. Here's a snapshot of some descriptive statistics we calculated on the entire sample: the diffusion index reached its highest level of 59.1 in June 2021; it hit a minimum of -96.5 in April 2020; it had a mean value of 11.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 7.40000 |
| 2026-08-31 | -10.6000 |
| 2026-09-30 | -22.0000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did regional 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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