Nonmanufacturing Business Outlook Survey: Sales or revenues: 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 a sample of nonmanufacturing firms surveyd by the FED, the seasonally adjusted diffusion index for sales or revenues (share of CEOs seeing a recent increase minus share reporting a decrease) stood at 6.8 in September 2026, compared to 7.9 in August 2026.
Sample. There are 187 observations in the monthly series presented in the chart above. The time span covered by the series goes from March 2011 to September 2026.
History. Here's a snapshot of a few summary statistics calculated on the full sample: the diffusion index recorded a bottom of -87.6 in April 2020; it achieved a maximum of 55.1 in March 2012; it averaged 17.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 23.5000 |
| 2026-08-31 | 7.90000 |
| 2026-09-30 | 6.80000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did sales or revenues 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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