Empire State Manufacturing Survey: Unfilled orders: 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 unfilled orders (share of CEOs seeing a future increase minus share forecasting a decrease) was 5.8 in October 2025, compared to 2.9 in September.
Sample. There are 292 records overall in the monthly series displayed in the chart above. The time span covered by the series goes from July 2001 to October 2025.
History. Here's a peek at some simple statistics computed on the entire sample: the diffusion index was equal on average to 4.7; it recorded a minimum of -23.6 in September 2022; it reached its maximum of 29.8 in January 2003.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 0.9 |
| 2025-09-30 | 2.9 |
| 2025-10-31 | 5.8 |
Hint. We categorize series into data sets and worksheets to simplify exploration. By scrolling down, you will find how we arranged further material linked to the statistics published here.
Not for investment purposes. Any data published on this web site are not meant for investment purposes or other 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: Will unfilled orders 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) |