Manufacturing Business Outlook Survey: Number of employees: Future (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 the number of employees (share of CEOs seeing a future increase minus share forecasting a decrease) was 35.7 in January 2026, versus 30.8 in December 2025.
Sample. The monthly time series shown in the plot has a total of 693 observations. The series covers the time period going from May 1968 to January 2026.
History. Have a look at a few statistics computed on the full sample: the diffusion index averaged 15.2; it peaked at 61.2 in December 2021; it reached a trough of -33.4 in September 1990.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 35.5 |
| 2025-12-31 | 30.8 |
| 2026-01-31 | 35.7 |
Tip. We categorize indicators into data sets and worksheets to simplify research. By scrolling down, you will discover how we arranged further material related to the statistics found here.
Not for investment purposes. Data and any other information accessible on this web site are not suitable for investment purposes or other financial decisions. Users should consult expert advice and do independent analysis before taking any financial risk.
Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will the number of employees increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading 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.