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. Based on a sample of manufacturing firms surveyed by the Fed, the seasonally unadjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) stood at 8.3 in October 2026, compared to 28.0 in September 2026.
Sample. This monthly time series has 702 data points in total. The time range covered by the series goes from May 1968 to October 2026.
History. Here's a peek at a few summary statistics computed on the full sample: the diffusion index was equal on average to 9.6; it recorded its maximum of 67.0 in March 1973; it reached its lowest level of -66.0 in December 1974.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-08-31 | 29.2000 |
| 2026-09-30 | 28.0000 |
| 2026-10-31 | 8.30000 |
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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 | 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) |
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