Empire State Manufacturing Survey: Capital expenditures: Future (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - NY FED - Monthly
This series is part of the dataset: Empire State Manufacturing Survey (NY FED)
Download Full Dataset (.xlsx)Latest updates. Based on a sample of manufacturing firms surveyd by the FED, the seasonally unadjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) was 16.5 in August 2026, versus 15.0 in July.
Sample. This monthly time series has 302 data points overall. The time range covered by the series is from July 2001 to August 2026.
History. Check out some simple statistics calculated on the full sample: the diffusion index hit a trough of -19.1 in March 2009; it recorded its highest level of 42.3 in December 2003; it had a mean of 18.7.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-06-30 | 10.9 |
| 2026-07-31 | 15.0 |
| 2026-08-31 | 16.5 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will capital expenditures increase or decrease over the next six months? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Leading indicator of the business cycle |
| Deflation method | Not applicable |
| Seasonally adjusted | No |
| Rescaling | None |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of New York |
| Source type | Central bank |
| Data licence | Free use subject to conditions |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
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