Fifth District Survey of Non-Manufacturing Activity: Local business conditions: 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 based in the Fifth District, the seasonally adjusted diffusion index for local business conditions (share of CEOs seeing a future improvement minus share forecasting a worsening) was 0.0 in September 2026, compared to 9.0 in August.
Sample. There are 190 data points overall in the monthly series shown in the graph above. The series covers the time range extending from December 2010 to September 2026.
History. Here's a glimpse of some summary statistics calculated on the whole sample: the diffusion index reached a maximum of 56.0 in January 2011; it hit a minimum of -57.0 in April 2020; it had a mean of 20.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 9.00000 |
| 2026-08-31 | 9.00000 |
| 2026-09-30 | 0 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will local business conditions improve or worsen 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.