United States · Cycle layer · Indicator

Regional Fed surveys, average

Fetched 2 Nov 2026, 06:01 UTC
+23.2 index
Normal 23.2 above zero · falling
As of Oct 2026 · Threshold < 0 for 2 months
Recession, Mar 2001 to Nov 2001Recession, Dec 2007 to Jun 2009Recession, Feb 2020 to Apr 2020−60−40−2002040Threshold < 0 for 2 monthsTrigger < 0 for 2 months20052010201520202025
2001 to 2026 · index. Shaded bands are NBER recessions, peak to trough.
What it is

The average of the New York Fed's Empire State and the Philadelphia Fed's manufacturing general activity indexes. Both are published in the same month they survey, weeks before the national ISM, and are free to reuse.

Threshold source: Diffusion index convention: below zero more firms report falling than rising activity. How thresholds are chosen

Known weaknesses

Two districts, manufacturing only, and noisy month to month. A single negative print means little; two in a row is the threshold for that reason.