Nonmanufacturing Business Outlook Survey: Sales or revenues: 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. Based on a sample of nonmanufacturing firms surveyed by the Fed, the seasonally unadjusted diffusion index for sales or revenues (share of CEOs seeing a recent increase minus share reporting a decrease) was 8.1 in September 2026, versus 0.0 in August 2026.
Sample. In the monthly time series plotted above, there are 187 records overall. The series covers the time span going from March 2011 to September 2026.
History. Here’s a quick look at a few simple statistics we calculated on the entire sample: the diffusion index had a mean value of 17.5; it hit a maximum of 63.0 in March 2012; it reached a minimum of -78.3 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 23.1000 |
| 2026-08-31 | 0 |
| 2026-09-30 | 8.10000 |
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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 | 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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