Nonmanufacturing Business Outlook Survey: Inventories: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - Philly FED - Monthly
This series is part of the dataset: Nonmanufacturing Business Outlook Survey (Philly FED)
Download Full Dataset (.xlsx)Latest updates. Based on a sample of nonmanufacturing firms surveyed by the Fed, the seasonally adjusted diffusion index for inventories (share of CEOs seeing a recent increase minus share reporting a decrease) was -9.3 in September 2026, compared to -1.1 in August.
Sample. This monthly time series has a total of 187 data points. The series covers the period extending from March 2011 to September 2026.
History. Here's a snapshot of a few summary statistics computed on the full sample: the diffusion index was equal on average to 1.8; it hit a maximum of 16.2 in July 2014; it reached a trough of -11.5 in May 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | -3.80000 |
| 2026-08-31 | -1.10000 |
| 2026-09-30 | -9.30000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did inventories 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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