Manufacturing Business Outlook Survey: Inventories: 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. According to recent survey data about manufacturing firms in the Third Federal Reserve District, the seasonally unadjusted diffusion index for inventories (share of CEOs seeing a recent increase minus share reporting a decrease) was -8.3 in June 2026, versus 11.5 in May 2026.
Sample. There are 698 observations overall in the monthly time series presented in the figure above. The time span covered by the series is from May 1968 to June 2026.
History. Here's a glimpse of a few statistics we computed on the full sample: the diffusion index averaged -5.1; it recorded a maximum of 29.0 in March 1973; it recorded a minimum of -48.0 in March 1975.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-04-30 | 0.0 |
| 2026-05-31 | 11.5 |
| 2026-06-30 | -8.3 |
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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 | 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) |
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