Manufacturing Business Outlook Survey: Unfilled orders: Current (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 unfilled orders (share of CEOs seeing a recent increase minus share reporting a decrease) was -6.1 in October 2025, compared to -14.3 in the previous month.
Sample. There are 690 data points overall in the monthly time series displayed in the figure above. The span of time covered by the series goes from May 1968 to October 2025.
History. Here are some simple statistics computed on the entire sample: the diffusion index had an average value of -4.2; it attained a maximum of 54.0 in March 1973; it registered a minimum of -74.0 in December 1974.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | -15.4 |
| 2025-09-30 | -14.3 |
| 2025-10-31 | -6.1 |
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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 | 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) |