Nonmanufacturing Business Outlook Survey: Regional general business activity: 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 recent survey data about nonmanufacturing firms in the Third Federal Reserve District, the seasonally adjusted diffusion index for regional general business activity (share of CEOs seeing a recent increase minus share reporting a decrease) was -22.0 in September 2026, compared to -10.6 in the previous month.
Sample. There are 187 observations in the monthly time series displayed in the graph above. The span of time covered by the series goes from March 2011 to September 2026.
History. Take a look at a few statistics we computed on the entire sample: the diffusion index hit a minimum of -96.5 in April 2020; it hit a peak of 59.1 in June 2021; it had an average value of 11.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 7.40000 |
| 2026-08-31 | -10.6000 |
| 2026-09-30 | -22.0000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did regional general business activity 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) |
Series in the same data set
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