Nonmanufacturing Business Outlook Survey: Regional general business activity: Future (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 regional general business activity (share of CEOs seeing a future increase minus share forecasting a decrease) was -2.7 in September 2026, compared to -8.8 in August.
Sample. This monthly time series has 187 records in total. The series covers the period extending from March 2011 to September 2026.
History. Here's a glimpse of some simple statistics calculated on the entire sample: the diffusion index registered a minimum of -39.1 in April 2020; it recorded its maximum of 81.5 in March 2012; it averaged 29.6.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 15.4000 |
| 2026-08-31 | -8.80000 |
| 2026-09-30 | -2.70000 |
Hint. Our metadata often include references to the original sources of the data series we publish. You can use these references to discover more details.
Not for investment purposes. Data and analyses shared on this web site are not meant for investment purposes or as a basis for financial-decision making. Users should ask for expert advice and do their own independent due diligence before taking any financial risk.
Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will regional general business activity increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading 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.