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. Based on manufacturing firms' responses to the Empire State Survey carried out by the New York FED, the seasonally unadjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was -14.4 in January 2026, versus -17.8 in December 2025.
Sample. There are 295 data points overall in the monthly series displayed in the figure above. The series covers the time span extending from July 2001 to January 2026.
History. Here’s a quick look at some statistics computed on the whole sample: the diffusion index peaked at 48.3 in May 2004; it reached a trough of -60.6 in April 2020; it had a mean value of 5.8.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 11.5 |
| 2025-12-31 | -17.8 |
| 2026-01-31 | -14.4 |
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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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