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. According to survey data about NY-based manufacturers, the seasonally unadjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) was 14.0 in October 2026, compared to 14.9 in September 2026.
Sample. In this monthly series, there are 304 records. The series covers the time period extending from July 2001 to October 2026.
History. Take a look at some 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 an average value of 18.6.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-08-31 | 16.5000 |
| 2026-09-30 | 14.9000 |
| 2026-10-31 | 14.0000 |
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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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