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 20.8 in June 2026, compared to 3.8 in the previous month.
Sample. There are 698 records overall in the monthly series displayed in the plot above. The series covers the span of time stretching from May 1968 to June 2026.
History. Here are some descriptive statistics we computed on the entire sample: the diffusion index averaged 9.5; it reached its lowest level of -66.0 in December 1974; it peaked at 67.0 in March 1973.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-04-30 | 37.0 |
| 2026-05-31 | 3.8 |
| 2026-06-30 | 20.8 |
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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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