Manufacturing Business Outlook Survey: Inventories: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - 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 firms' responses to the Manufacturing Business Outlook Survey carried out by the Philadelphia FED, the seasonally adjusted diffusion index for inventories (share of CEOs seeing a recent increase minus share reporting a decrease) was 0.3 in July 2026, compared to -8.5 in June.
Sample. This monthly series has a total of 699 records. The time span covered by the series stretches from May 1968 to July 2026.
History. Here are some simple statistics we calculated on the whole sample: the diffusion index had a mean value of -5.1; it recorded its highest level of 27.9 in March 1973; it hit a trough of -51.0 in March 2009.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-05-31 | 6.6 |
| 2026-06-30 | -8.5 |
| 2026-07-31 | 0.3 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did inventories 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 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) |
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