Empire State Manufacturing Survey: Inventories: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - 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, the seasonally adjusted diffusion index for inventories (share of CEOs seeing a recent increase minus share reporting a decrease) was -2.1 in January 2026, compared to 4.0 in December 2025.
Sample. There are 295 data points in the monthly series displayed in the graph above. The series covers the time span going from July 2001 to January 2026.
History. Here are a few simple statistics we calculated on the entire sample: the diffusion index had an average value of -2.8; it reached a trough of -36.5 in July 2009; it attained a maximum of 40.0 in September 2001.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 6.7 |
| 2025-12-31 | 4.0 |
| 2026-01-31 | -2.1 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did inventories 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 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) |
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