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. According to survey data about NY-based manufacturers, the seasonally adjusted diffusion index for the number of employees (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 28.2 in August 2026, versus 14.4 in July 2026.
Sample. In the monthly series presented in the figure, there are 302 observations. The time range covered by the series stretches from July 2001 to August 2026.
History. Check out some descriptive statistics we computed on the whole sample: the diffusion index averaged 18.0; it registered a minimum of -22.0 in March 2009; it recorded its maximum of 42.7 in July 2021.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-06-30 | 20.9 |
| 2026-07-31 | 14.4 |
| 2026-08-31 | 28.2 |
Nugget of wisdom. Our metadata often contain references to the sources of the data series we publish. You can use these references to discover more details.
Not for investment purposes. Information found on FetchSeries is not intended for investment purposes or as a basis for making financial decisions. Users should ask for expert advice and do their own independent due diligence before making any financial commitments.
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) |
Series in the same data set
Discover the other time series included in this data set.