The survey's main index, general business conditions, is not a weighted average of other indicators—it is a distinct question posed on the survey. Each index is seasonally adjusted when stable seasonality is detected.
The Empire State Manufacturing Survey seasonally adjusts data based on the Census X-12 additive procedure utilizing a logistic transformation. The "increase" and "decrease" percentage components of the diffusion indexes are each tested for seasonality separately and adjusted accordingly if such patterns exist. If no seasonality is detected, the component is left unadjusted. The "no change" component contains the residual, computed by subtracting the (adjusted) increase and decrease from 100.Find out more »