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 -12.9 in November 2025, compared to -6.1 in October 2025.
Sample. The monthly time series presented in the chart has 691 data points. The span of time covered by the series goes from May 1968 to November 2025.
History. Here's a peek at a few descriptive statistics calculated on the full sample: the diffusion index hit a minimum of -74.0 in December 1974; it recorded its highest level of 54.0 in March 1973; it was equal on average to -4.2.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-09-30 | -14.3 |
| 2025-10-31 | -6.1 |
| 2025-11-30 | -12.9 |
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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) |
Series in the same data set
Discover the other time series included in this data set.