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 based 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 18.2 in October 2025, versus 21.4 in the previous month.
Sample. There are 690 data points overall in the monthly time series shown in the figure above. The series covers the span of time extending from May 1968 to October 2025.
History. Here’s a quick look at some statistics calculated on the whole sample: the diffusion index reached its maximum of 61.2 in December 2021; it registered a minimum of -33.4 in September 1990; it averaged 15.1.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 7.7 |
| 2025-09-30 | 21.4 |
| 2025-10-31 | 18.2 |
Nugget of wisdom. 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.
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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) |