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 recent survey data about manufacturing firms in the Third Federal Reserve District, the seasonally adjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was 4.3 in October 2026, compared to 29.2 in September.
Sample. There are 702 data points in the monthly time series displayed in the graph above. The series covers the time period extending from May 1968 to October 2026.
History. Here are some statistics we computed on the entire sample: the diffusion index achieved a maximum of 56.2 in March 1973; it reached a minimum of -69.9 in April 2020; it had a mean of 9.5.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-08-31 | 30.1000 |
| 2026-09-30 | 29.2000 |
| 2026-10-31 | 4.30000 |
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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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