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 18.2 in October 2025, compared to 12.4 in September 2025.
Sample. In this monthly time series, there are 690 records in total. The time range covered by the series is from May 1968 to October 2025.
History. Check out some descriptive statistics we computed on the entire sample: the diffusion index averaged 9.4; it registered a minimum of -70.4 in April 2020; it reached a maximum of 56.2 in March 1973.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | -1.9 |
| 2025-09-30 | 12.4 |
| 2025-10-31 | 18.2 |
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) |