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) stood at 10.5 in June 2026, compared to -2.5 in May 2026.
Sample. There are 698 observations in the monthly series shown in the graph above. The period covered by the series stretches from May 1968 to June 2026.
History. Here's a glimpse of a few simple statistics we calculated on the whole sample: the diffusion index hit a maximum of 45.1 in March 1973; it reached its lowest level of -60.9 in December 1974; it had a mean of -4.2.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-04-30 | -10.2 |
| 2026-05-31 | -2.5 |
| 2026-06-30 | 10.5 |
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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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