Nonmanufacturing Business Outlook Survey: Sales or revenues: 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 sales or revenues (share of CEOs seeing a recent increase minus share reporting a decrease) was 6.8 in September 2026, compared to 7.9 in the previous month.
Sample. There are 187 records overall in the monthly time series displayed in the plot above. The time span covered by the series goes from March 2011 to September 2026.
History. Here's a snapshot of some statistics we computed on the full sample: the diffusion index was equal on average to 17.3; it reached a minimum of -87.6 in April 2020; it recorded its maximum of 55.1 in March 2012.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 23.5000 |
| 2026-08-31 | 7.90000 |
| 2026-09-30 | 6.80000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did sales or revenues 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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