Fifth District Survey of Non-Manufacturing Activity: Demand: 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 based in the Fifth District, the seasonally unadjusted diffusion index for demand (share of CEOs seeing a future increase minus share forecasting a decrease) was 27.0 in September 2026, the same as in August 2026.
Sample. There are 395 data points in the monthly series displayed in the graph above. The span of time covered by the series extends from November 1993 to September 2026.
History. Take a look at some statistics we computed on the full sample: the diffusion index reached a minimum of -16.0 in October 2022; it recorded its highest level of 68.0 in March 1994; it was equal on average to 28.1.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 28.0000 |
| 2026-08-31 | 27.0000 |
| 2026-09-30 | 27.0000 |
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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 | 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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