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. According to recent survey data about manufacturing firms in the State of New York, the seasonally adjusted diffusion index for unfilled orders (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 14.7 in March 2026, compared to 18.2 in February 2026.
Sample. There are 297 observations in the monthly time series shown in the graph above. The time period covered by the series is from July 2001 to March 2026.
History. Take a look at a few summary statistics we calculated on the whole sample: the diffusion index hit a peak of 29.8 in January 2003; it reached a trough of -23.6 in September 2022; it averaged 4.8.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-01-31 | 10.3 |
| 2026-02-28 | 18.2 |
| 2026-03-31 | 14.7 |
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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) |
Series in the same data set
Discover the other time series included in this data set.