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.
Historical monthly data for all of the NBOS diffusion indexes and aggregate proportions series (percentages of firms reporting increases, decreases, and no change) are available in a single Excel file. The data are available from March 2011 to the most current release month and include seasonally adjusted data as well as unadjusted data (see the Seasonal Adjustments section below for more information). Note that the data in the Excel sheets have been formatted to display values to the tenths place. Data series definitions are available in an additional text file.
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.