Empire State Manufacturing Survey: General business activity: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - NY FED - Monthly
This series is part of the dataset: Empire State Manufacturing Survey (NY FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about NY-based manufacturers collected by the Federal Reserve, the seasonally unadjusted diffusion index for general business activity (share of CEOs seeing a recent increase minus share reporting a decrease) stood at 2.8 in August 2025, unchanged with respect to July.
Sample. In the montly series presented in the graph, there are 290 records. The time period covered by the series stretches from July 2001 to August 2025.
History. Here's a peek at a few descriptive statistics we calculated on the entire sample: the diffusion index recorded a maximum of 45.8 in April 2004; it hit a trough of -73.5 in April 2020; it was equal on average to 6.2.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-06-30 | -10.1 |
| 2025-07-31 | 2.8 |
| 2025-08-31 | 2.8 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did 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 | No |
| Rescaling | None |
| Frequency | Montly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of New York |
| Source type | Central bank |
| Data licence | Free use subject to conditions |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |