Are businesses investing?
When companies order equipment, build backlogs and run factories harder, revenue follows for the businesses that supply them. Investment swings more than consumer spending, so it often marks the turns in the economy.
Updated Oct 2, 2026
Strong
7 of 9 indicators are stronger than usual against their last ten years and 1 is weaker. Strongest: Business equipment orders, +14.1% on a year ago. Weakest: Diesel demand, −16.0% on a year ago.
Over time
Select any group or indicator. Score is demand against the last ten years; Value is the reading itself.
Every indicator
Sorted by score. Change is the move in score over three months. Data arrive weekly, monthly or quarterly, so dates differ. Select a column to sort.
| Indicator | Demand | Latest | 3M change | As of | Score, 3 years |
|---|---|---|---|---|---|
Business equipment orders Nondefense capital goods ex aircraft. | 96Strong | +14.1% on a year ago | +8 pts | Aug 1, 2026 | |
Power and gas output IP for electric + gas utilities. | 92Strong | +6.2% on a year ago | +31 pts | Aug 1, 2026 | |
Planned business spending Philly Fed expected future capital expenditures. | 89Strong | +37.1 on the survey index | −9 pts | Sep 1, 2026 | |
New factory orders Philly Fed current new orders diffusion. | 86Strong | +29.2 on the survey index | +3 pts | Sep 1, 2026 | |
Factory order backlog Manufacturers' unfilled orders — the work-in-pipeline read. | 83Strong | +8.8% on a year ago | −1 pts | Aug 1, 2026 | |
Chip output IP for semiconductor + electronic component manufacturing. | 77Strong | +12.4% on a year ago | 0 pts | Aug 1, 2026 | |
Computer and electronics output IP for computer + electronic products. | 63Strong | +1.3% on a year ago | −10 pts | Aug 1, 2026 | |
Rail freight US rail freight carloads. | 55Steady | +0.6% on a year ago | −17 pts | Jul 1, 2026 | |
Diesel demand Weekly distillate fuel oil product supplied. | 6Soft | −16.0% on a year ago | −9 pts | Oct 2, 2026 |
How to read this page
How it’s measured. Public economic data from the Federal Reserve, Census Bureau and Energy Information Administration, as tracked on Stox Pulse. Each indicator is scored against its own last ten years, turned so that 100 always means the strongest demand.
Sources. Economic data from FRED, the Census Bureau and the Energy Information Administration from Stox Pulse.
Indicators that are better when lower, such as jobless claims and mortgage rates, are turned around so a high score always means stronger demand. Survey indexes are scored on their level; most others on their change from a year earlier.
These readings describe the economy as reported, with delays of a week to a quarter. The stock market often moves before the data do.
This page is information, not investment advice. About our data and methods ›