Fifth District Survey of Non-Manufacturing Activity: Demand: Current (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 Non-Manufacturing Activity (Richmond FED)
Download Full Dataset (.xlsx)Latest updates. According to recent survey data about nonmanufacturing firms in the Fifth District, the seasonally adjusted diffusion index for demand (share of CEOs seeing a recent increase minus share reporting a decrease) stood at 2.0 in September 2026, compared to 3.0 in the previous month.
Sample. There are 190 data points in the monthly series presented in the plot above. The span of time covered by the series stretches from December 2010 to September 2026.
History. Here’s a quick look at a few summary statistics we computed on the entire sample: the diffusion index recorded a bottom of -76.0 in April 2020; it hit a peak of 41.0 in May 2021; it had an average value of 12.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 5.00000 |
| 2026-08-31 | 3.00000 |
| 2026-09-30 | 2.00000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did demand 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 | 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) |
| Other information | Not available |
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