Manufacturing Business Outlook Survey: Unfilled orders: Future (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 future increase minus share forecasting a decrease) stood at 8.3 in June 2026, compared to 11.5 in May 2026.
Sample. There are 698 data points in the monthly time series presented in the chart above. The series covers the time range extending from May 1968 to June 2026.
History. Here's a snapshot of a few summary statistics we computed on the whole sample: the diffusion index was equal on average to 8.8; it attained a maximum of 55.0 in June 1983; it reached its lowest level of -40.4 in August 2022.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-04-30 | -7.4 |
| 2026-05-31 | 11.5 |
| 2026-06-30 | 8.3 |
Heads-up. One of the pros of using FetchSeries is that we publish accurate metadata. Find it below to delve deeper into the characteristics of the series that you analyze.
Not for investment purposes. Time series and other data accessible on FetchSeries are not meant for investment purposes or any other financial decision. Users should consult expert advice and perform independent analysis before making any financial commitments.
Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will unfilled orders increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading 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.