Manufacturing Business Outlook Survey: New orders: 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. According to recent survey data about manufacturing firms in the Third Federal Reserve District, the seasonally unadjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was -16.1 in November 2025, versus 21.2 in October.
Sample. In the monthly series shown in the chart, there are a total of 691 observations. The time range covered by the series stretches from May 1968 to November 2025.
History. Here are a few descriptive statistics computed on the whole sample: the diffusion index reached a maximum of 67.0 in March 1973; it reached a trough of -66.0 in December 1974; it had a mean of 9.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-09-30 | 10.7 |
| 2025-10-31 | 21.2 |
| 2025-11-30 | -16.1 |
Heads-up. A plus of our data visualization and download service is that we publish well-crafted metadata. Check it below to better understand the characteristics of the series that you analyze.
Not for investment purposes. Time series and other data collected and published on this web site are not not supposed to be used for investment purposes or as a basis for making financial decisions. Users should consult professional advice and do independent analysis before taking any financial risk.
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 | 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) |
Series in the same data set
Discover the other time series included in this data set.