Fifth District Survey of Manufacturing Activity: Wages: Future (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - 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 adjusted diffusion index for wages (share of CEOs seeing a future increase minus share reporting a decrease) was 45.0 in April 2026, versus 40.0 in March 2026.
Sample. The monthly series shown in the figure has a total of 350 records. The time period covered by the series extends from January 1997 to April 2026.
History. Have a look at a few statistics calculated on the full sample: the diffusion index averaged 37.3; it recorded a maximum of 73.0 in December 2021; it reached its minimum of 0.0 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-02-28 | 44.0 |
| 2026-03-31 | 40.0 |
| 2026-04-30 | 45.0 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will wages 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 | Yes |
| 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
Discover the other time series included in this data set.