Nonmanufacturing Business Outlook Survey

The Nonmanufacturing Business Outlook Survey (NBOS) is a monthly survey of nonmanufacturers in the Third Federal Reserve District. Participants indicate the direction of change in overall business activity and in the various measures of activity at their firms, including new orders, sales or revenues, employment, prices, and capital expenditures. Respondents also provide their assessments of general business conditions over the next six months. The survey has been conducted each month since March 2011.

Recent Releases

Last updated: December 22, 2020, 8:30 AM EST

RELEASE ARCHIVE

Resources

Introducing the Philadelphia Fed Nonmanufacturing Survey, Business Review, Third Quarter 2014 .

Release Calendar

View a complete list of upcoming release dates on the Economic Release Calendar.

Questions?

For questions about the Nonmanufacturing Business Outlook Survey release or to report a problem with a file, contact Public Affairs at 215-574-6113.

Historical Data

Historical Data
Data Definitions
Errata: Shows corrections to the Historical Data. (Last update: January 26, 2016)

Seasonal Adjustments

Results from the survey are reported in seasonally adjusted terms. Because survey responses are characterized by seasonal patterns, new seasonal factors are calculated annually based on the addition of a complete year of data and released each January. The survey’s annual historical revisions, which incorporated new seasonal adjustment factors, were released on January 14, 2020. The files below include an overview of the seasonal adjustment method for the NBOS and a summary of the impact of the most recent revisions.

Seasonal Adjustments to the NBOS
(Last update: January 14, 2020)
Impact of Revisions on Diffusion Indexes (2019 only)

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