Empire State Manufacturing Survey: Shipments: 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 manufacturing firms' responses to the Empire State Survey carried out by the New York FED, the seasonally adjusted diffusion index for shipments (share of CEOs seeing a recent increase minus share reporting a decrease) was 14.4 in October 2025, compared to -17.3 in September 2025.
Sample. The monthly series presented in the figure has 292 records. The series covers the time range extending from July 2001 to October 2025.
History. Check out a few statistics we computed on the full sample: the diffusion index hit a minimum of -70.9 in April 2020; it recorded its maximum of 49.6 in April 2004; it averaged 10.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 12.2 |
| 2025-09-30 | -17.3 |
| 2025-10-31 | 14.4 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did shipments 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) |