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. Based on a sample of manufacturing firms surveyd by the FED, the seasonally adjusted diffusion index for unfilled orders (share of CEOs seeing a recent increase minus share reporting a decrease) was -6.5 in November 2025, compared to -2.2 in the previous month.
Sample. There are 691 observations overall in the monthly time series displayed in the chart above. The period covered by the series stretches from May 1968 to November 2025.
History. Here's a glimpse of some simple statistics computed on the full sample: the diffusion index averaged -4.2; it reached a minimum of -60.9 in December 1974; it attained a maximum of 45.1 in March 1973.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-09-30 | -6.6 |
| 2025-10-31 | -2.2 |
| 2025-11-30 | -6.5 |
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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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