Nonmanufacturing Business Outlook Survey: Unfilled 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 unfilled orders (share of CEOs seeing a recent increase minus share reporting a decrease) stood at -7.1 in September 2026, compared to -12.7 in August 2026.
Sample. This monthly time series has 187 records. The series covers the time period going from March 2011 to September 2026.
History. Here's a glimpse of a few descriptive statistics computed on the full sample: the diffusion index reached its maximum of 18.8 in March 2012; it reached a trough of -19.2 in April 2020; it had an average value of 3.7.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 5.70000 |
| 2026-08-31 | -12.7000 |
| 2026-09-30 | -7.10000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did unfilled 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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