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. Based on a sample of manufacturing firms surveyd by the FED, the seasonally adjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was 8.6 in March 2026, versus 11.7 in February.
Sample. There are 695 observations overall in the monthly series displayed in the graph above. The series covers the time range extending from May 1968 to March 2026.
History. Here's a glimpse of some statistics calculated on the full sample: the diffusion index had a mean of 9.4; it reached its maximum of 56.2 in March 1973; it recorded a minimum of -69.9 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-01-31 | 14.4 |
| 2026-02-28 | 11.7 |
| 2026-03-31 | 8.6 |
Tip. Our metadata often include links to the sources of the time-series data shown on FetchSeries. You can use these links to search for additional information needed in your research.
Not for investment purposes. Data made available on this web site are not meant for investment purposes or other financial decisions. Users should obtain professional advice and do their own independent due diligence before making any financial commitments.
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) |
Series in the same data set
Discover the other time series included in this data set.