Average Fed Mfg Survey: Capacity utilization: Future (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - FSR - Monthly
This series is part of the dataset: Average Fed Mfg Survey (FetchSeries Research)
Download Full Dataset (.xlsx)Latest updates. Based on an average of regional Federal Reserve manufacturing surveys, the seasonally adjusted diffusion index for capacity utilization was 26.9 (share of CEOs seeing a future increase minus share forecasting a decrease) in September 2026, compared to 26.3 in the previous month.
Sample. There are 268 observations overall in the monthly time series displayed in the graph above. The time range covered by the series goes from June 2004 to September 2026.
History. Take a look at some statistics computed on the full sample: the diffusion index recorded a minimum of -12.1 in April 2020; it peaked at 46.4 in June 2020; it had a mean value of 27.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 24.3500 |
| 2026-08-31 | 26.3000 |
| 2026-09-30 | 26.9000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will capacity utilization increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading indicator of the business cycle |
| Seasonally adjusted | Yes |
| Deflation method | Not applicable |
| Rescaling | None |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | FetchSeries Research calculations on Federal Reserve data |
| Source type | Data research lab |
| Data licence | Creative Commons Attribution 4.0 International (CC BY 4.0) + FetchSeries disclaimers |
| Other information | Arithmetic average across 2 regional Federal Reserve manufacturing surveys |
| FSR temporal aggregation code | LM01 |
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