Manufacturing Business Outlook Survey: New orders: 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. According to survey data about manufacturers based in Pennsylvania, New Jersey and Delaware, the seasonally adjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was 14.4 in January 2026, versus 5.7 in December 2025.
Sample. In this monthly series, there are a total of 693 observations. The period covered by the series extends from May 1968 to January 2026.
History. Check out a few statistics calculated on the whole sample: the diffusion index had an average value of 9.4; it reached a minimum of -69.9 in April 2020; it hit a peak of 56.2 in March 1973.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | -1.6 |
| 2025-12-31 | 5.7 |
| 2026-01-31 | 14.4 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did new orders 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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