Average Fed Mfg Survey: Wages: Current (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 wages was 22.2 (share of CEOs seeing a recent increase minus share reporting a decrease) in September 2026, compared to 23.6 in the previous month.
Sample. There are 268 records in the monthly time series displayed in the chart above. The time period covered by the series is from June 2004 to September 2026.
History. Here's a peek at a few simple statistics computed on the whole sample: the diffusion index recorded a minimum of -8.5 in March 2009; it reached its maximum of 47.7 in July 2021; it had a mean of 18.6.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 29.4000 |
| 2026-08-31 | 23.5500 |
| 2026-09-30 | 22.2000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did wages and benefits increase or decrease in the past month? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Coincident 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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