Average Fed Mfg Survey: Inventories of raw materials: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - FSR - Monthly
This series is part of the dataset: Average Fed Mfg Survey (FetchSeries Research)
Download Full Dataset (.xlsx)Latest updates. Based on an average of regional Federal Reserve manufacturing surveys, the seasonally unadjusted diffusion index for inventories of raw materials was 6.5 (share of CEOs seeing a recent increase minus share reporting a decrease) in September 2026, compared to 9.5 in August 2026.
Sample. There are 268 observations in the monthly time series displayed in the plot above. The series covers the time span extending from June 2004 to September 2026.
History. Here’s a quick look at some descriptive statistics we computed on the entire sample: the diffusion index had an average value of 8.3; it peaked at 24.5 in October 2017; it reached its lowest level of -8.5 in July 2009.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 1.50000 |
| 2026-08-31 | 9.50000 |
| 2026-09-30 | 6.50000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did inventories of raw materials increase or decrease in the past month? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Coincident indicator of the business cycle |
| Seasonally adjusted | No |
| Deflation method | Not applicable |
| Rescaling | None |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | FetchSeries Research calculations on Federal Reserve data |
| Source type | Data research lab |
| Data licence | Creative Commons Attribution 4.0 International (CC BY 4.0) + FetchSeries disclaimers |
| Other information | Arithmetic average across 2 regional Federal Reserve manufacturing surveys |
| FSR temporal aggregation code | LM01 |
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