Nonmanufacturing Business Outlook Survey: New orders: 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. According to survey data about nonmanufacturing firms based in Pennsylvania, New Jersey and Delaware, the seasonally adjusted diffusion index for new orders (share of CEOs seeing a recent increase minus share reporting a decrease) stood at -2.2 in September 2026, compared to -10.1 in the previous month.
Sample. In this monthly series, there are 187 records overall. The time period covered by the series stretches from March 2011 to September 2026.
History. Check out some simple statistics computed on the entire sample: the diffusion index registered a minimum of -66.6 in April 2020; it recorded its highest level of 52.2 in March 2012; it had a mean of 11.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 12.5000 |
| 2026-08-31 | -10.1000 |
| 2026-09-30 | -2.20000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did new 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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