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 survey data about manufacturers collected by the Federal Reserve in Pennsylvania, New Jersey and Delaware, the seasonally unadjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) was 34.5 in July 2026, versus 20.8 in June 2026.
Sample. In the monthly series plotted above, there are 699 observations overall. The series covers the time range stretching from May 1968 to July 2026.
History. Here's a peek at a few summary statistics we calculated on the whole sample: the diffusion index had an average value of 9.5; it recorded its highest level of 67.0 in March 1973; it reached a trough of -66.0 in December 1974.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-05-31 | 3.8 |
| 2026-06-30 | 20.8 |
| 2026-07-31 | 34.5 |
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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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