Manufacturing Business Outlook Survey: General business activity: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - Philly FED - Monthly
This series is part of the dataset: Manufacturing Business Outlook Survey (Philly FED)
Download Full Dataset (.xlsx)Latest updates. Based on a sample of manufacturing firms surveyd by the FED, the seasonally unadjusted diffusion index for general business activity (share of CEOs seeing a recent increase minus share reporting a decrease) was -6.1 in October 2025, compared to 25.0 in September 2025.
Sample. In this monthly time series, there are 690 records. The time period covered by the series goes from May 1968 to October 2025.
History. Check out a few descriptive statistics we calculated on the full sample: the diffusion index was equal on average to 8.8; it recorded a minimum of -76.0 in December 1974; it achieved a maximum of 67.0 in March 1973.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 0.0 |
| 2025-09-30 | 25.0 |
| 2025-10-31 | -6.1 |
Tip. Our metadata often contain references to the original sources of the data series we publish. You can use these references to search for additional information needed in your analyses.
Not for investment purposes. Any financial data available on this web site are not meant for investment purposes or as a basis for making financial decisions. Users should consult professional advice and do independent analysis before taking any financial risk.
Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did general business activity 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 | No |
| Rescaling | None |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of Philadelphia |
| Source type | Central bank |
| Data licence | Not copyrightable under U.S. law |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |