Empire State Manufacturing Survey: New orders: 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 new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was -17.8 in December 2025, compared to 11.5 in the previous month.
Sample. There are 294 observations overall in the monthly series displayed in the figure above. The time span covered by the series is from July 2001 to December 2025.
History. Take a look at some summary statistics we calculated on the full sample: the diffusion index hit a peak of 48.3 in May 2004; it reached a minimum of -60.6 in April 2020; it had a mean of 5.8.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-10-31 | 1.0 |
| 2025-11-30 | 11.5 |
| 2025-12-31 | -17.8 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did new orders 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 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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