Nonmanufacturing Business Outlook Survey: Sales or revenues: 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. According to survey data about nonmanufacturing firms based in Pennsylvania, New Jersey and Delaware, the seasonally unadjusted diffusion index for sales or revenues (share of CEOs seeing a recent increase minus share reporting a decrease) stood at 8.1 in September 2026, versus 0.0 in August 2026.
Sample. There are 187 observations overall in the monthly time series shown in the figure above. The time range covered by the series is from March 2011 to September 2026.
History. Here are a few descriptive statistics computed on the whole sample: the diffusion index reached its lowest level of -78.3 in April 2020; it hit a maximum of 63.0 in March 2012; it had a mean of 17.5.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 23.1000 |
| 2026-08-31 | 0 |
| 2026-09-30 | 8.10000 |
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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 | 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) |
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