Fifth District Survey of Non-Manufacturing Activity: Demand: 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 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 adjusted diffusion index for demand (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 29.0 in September 2026, compared to 31.0 in August 2026.
Sample. There are 395 records in the monthly time series shown in the graph above. The period covered by the series stretches from November 1993 to September 2026.
History. Check out some descriptive statistics we computed on the full sample: the diffusion index had a mean value of 28.1; it hit a peak of 64.0 in November 1993; it recorded a bottom of -20.0 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 30.0000 |
| 2026-08-31 | 31.0000 |
| 2026-09-30 | 29.0000 |
Heads-up. We organize series into data sets and worksheets to make your life easier. If you navigate further down, you will find how we arranged further material related to the statistics provided here.
Not for investment purposes. Content provided on FetchSeries is not suitable for investment purposes or other financial decisions. Users should obtain professional advice and perform their own independent due diligence before taking any financial risk.
Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will demand 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) |
| Other information | Not available |
Series in the same data set
Discover the other time series included in this data set.