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. Based on a sample of manufacturing firms surveyd by the FED, the seasonally unadjusted diffusion index for inventories (share of CEOs seeing a recent increase minus share reporting a decrease) was 0.0 in November 2025, the same as in October.
Sample. There are 691 observations in the monthly series shown in the plot above. The series covers the period extending from May 1968 to November 2025.
History. Take a look at some summary statistics we computed on the full sample: the diffusion index had a mean value of -5.1; it recorded a maximum of 29.0 in March 1973; it hit a minimum of -48.0 in March 1975.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-09-30 | 14.3 |
| 2025-10-31 | 0.0 |
| 2025-11-30 | 0.0 |
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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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