Manufacturing Business Outlook Survey: Unfilled orders: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - 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 adjusted diffusion index for unfilled orders (share of CEOs seeing a recent increase minus share reporting a decrease) was 2.4 in October 2026, compared to 20.4 in September 2026.
Sample. There are 702 records in the monthly series presented in the plot above. The series covers the span of time going from May 1968 to October 2026.
History. Here's a peek at some simple statistics computed on the entire sample: the diffusion index had an average value of -4.1; it recorded a bottom of -60.9 in December 1974; it reached its maximum of 45.1 in March 1973.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-08-31 | 14.4000 |
| 2026-09-30 | 20.4000 |
| 2026-10-31 | 2.40000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did unfilled 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 | Yes |
| 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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