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 a sample of manufacturing firms surveyd by the FED, the seasonally adjusted diffusion index for shipments (share of CEOs seeing a recent increase minus share reporting a decrease) was 12.2 in August 2025, compared to 11.5 in July.
Sample. There are 290 observations overall in the montly series presented in the chart above. The time span covered by the series extends from July 2001 to August 2025.
History. Here's a peek at a few summary statistics we computed on the entire sample: the diffusion index had a mean value of 10.4; it reached its minimum of -70.9 in April 2020; it achieved a maximum of 49.6 in April 2004.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-06-30 | -7.2 |
| 2025-07-31 | 11.5 |
| 2025-08-31 | 12.2 |
Hint. An advantage of using our web site is that we give you complete metadata. Find it below to gain insights on the properties of the time series that you use in your work.
Not for investment purposes. Data and analyses found on this web site are not not supposed to be used for investment purposes or as a basis for making financial decisions. Users should obtain expert advice and do their own independent due diligence before making any financial commitments.
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 | Montly |
| 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) |