Nonmanufacturing Business Outlook Survey: Regional general business activity: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - 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 unadjusted diffusion index for regional general business activity (share of CEOs seeing a recent increase minus share reporting a decrease) was -21.6 in September 2026, versus -17.6 in the previous month.
Sample. There are 187 records overall in the monthly series displayed in the graph above. The time span covered by the series is from March 2011 to September 2026.
History. Here are some descriptive statistics we calculated on the full sample: the diffusion index hit a peak of 70.4 in March 2012; it hit a minimum of -92.8 in April 2020; it had a mean value of 11.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 10.3000 |
| 2026-08-31 | -17.6000 |
| 2026-09-30 | -21.6000 |
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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 | 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) |
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