Fifth District Survey of Manufacturing Activity: Wages: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - Richmond FED - Monthly
This series is part of the dataset: Fifth District Survey of Manufacturing Activity (Richmond FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about manufacturers based in the Fifth District, the seasonally unadjusted diffusion index for wages (share of CEOs seeing a recent increase minus share reporting a decrease) was 26.0 in July 2026, compared to 21.0 in June.
Sample. There are 353 data points overall in the monthly time series presented in the figure above. The series covers the time span stretching from January 1997 to July 2026.
History. Have a look at some descriptive statistics computed on the whole sample: the diffusion index had a mean of 14.5; it reached a maximum of 49.0 in August 2021; it recorded a bottom of -14.0 in February 2009.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-05-31 | 25.0 |
| 2026-06-30 | 21.0 |
| 2026-07-31 | 26.0 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did wages increase or decrease in the past month? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Coincident indicator of the business cycle |
| Deflation method | Not applicable |
| Seasonally adjusted | No |
| Rescaling | None |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of Richmond |
| Source type | Central bank |
| Data licence | Not copyrightable under U.S. law |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
Series in the same data set
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