Fifth District Survey of Non-Manufacturing Activity: Business services expenditures: Future (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 Non-Manufacturing Activity (Richmond FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about nonmanufacturing firms collected by the Federal Reserve Bank of Richmond, the seasonally unadjusted diffusion index for business services expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) was -4.0 in September 2026, compared to 1.0 in August 2026.
Sample. There are 190 data points overall in the monthly series presented in the figure above. The time span covered by the series is from December 2010 to September 2026.
History. Here are a few simple statistics computed on the full sample: the diffusion index hit a trough of -35.0 in April 2020; it peaked at 29.0 in April 2021; it had a mean of 8.5.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 4.00000 |
| 2026-08-31 | 1.00000 |
| 2026-09-30 | -4.00000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will business services 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 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) |
| Other information | Not available |
Series in the same data set
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