Empire State Manufacturing Survey: Number of employees: 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. Based on a sample of manufacturing firms surveyd by the FED, the seasonally adjusted diffusion index for the number of employees (share of CEOs seeing a recent increase minus share reporting a decrease) stood at 9.6 in June 2026, compared to 8.3 in May 2026.
Sample. In the monthly series shown in the graph, there are 300 records. The series covers the time span going from July 2001 to June 2026.
History. Here's a peek at a few summary statistics we computed on the entire sample: the diffusion index reached its maximum of 24.9 in February 2022; it registered a minimum of -53.7 in April 2020; it had a mean value of 4.0.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-04-30 | 9.8 |
| 2026-05-31 | 8.3 |
| 2026-06-30 | 9.6 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did the number of employees 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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