Nonmanufacturing Business Outlook Survey: Unfilled orders: 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 firms' responses to the Nonmanufacturing Business Outlook Survey carried out by the Philadelphia FED, the seasonally unadjusted diffusion index for unfilled orders (share of CEOs seeing a recent increase minus share reporting a decrease) was -10.8 in September 2026, compared to -14.7 in the previous month.
Sample. In the monthly series displayed in the figure, there are 187 records in total. The series covers the span of time stretching from March 2011 to September 2026.
History. Have a look at a few descriptive statistics we calculated on the full sample: the diffusion index had a mean value of 3.8; it achieved a maximum of 22.2 in March 2012; it recorded a minimum of -15.8 in October 2011.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 5.10000 |
| 2026-08-31 | -14.7000 |
| 2026-09-30 | -10.8000 |
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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 | 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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