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Note: Philadelphia Fed Researchers Revise Seasonal Adjustments

As of the April 2021 release, the Philadelphia Fed has adjusted the seasonal factors used to calculate the survey’s diffusion indexes and revised the full set of historical data. For more information, click here. For the revised historical data, click here.

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.



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