Empire State Manufacturing Survey: Number of employees: Future (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 future increase minus share forecasting a decrease) was 20.9 in June 2026, versus 20.6 in May.
Sample. There are 300 data points in the monthly time series displayed in the plot above. The time span covered by the series goes from July 2001 to June 2026.
History. Here's a glimpse of some descriptive statistics calculated on the whole sample: the diffusion index reached a minimum of -22.0 in March 2009; it peaked at 42.7 in July 2021; it had a mean of 18.0.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-04-30 | 18.1 |
| 2026-05-31 | 20.6 |
| 2026-06-30 | 20.9 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will the number of employees increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading 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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