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 recent survey data about manufacturing firms in the Fifth District, the seasonally adjusted diffusion index for wages (share of CEOs seeing a future increase minus share reporting a decrease) was 50.0 in July 2026, compared to 45.0 in June.
Sample. The monthly series displayed in the plot has a total of 353 observations. The time period covered by the series goes from January 1997 to July 2026.
History. Have a look at some descriptive statistics calculated on the whole sample: the diffusion index recorded a maximum of 73.0 in December 2021; it reached a trough of 0.0 in April 2020; it had a mean value of 37.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-05-31 | 51.0 |
| 2026-06-30 | 45.0 |
| 2026-07-31 | 50.0 |
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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.