Fifth District Survey of Non-Manufacturing Activity: Revenues: 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. Based on a sample of nonmanufacturing firms surveyed by the Fed, the seasonally adjusted diffusion index for revenues (share of CEOs seeing a recent increase minus share reporting a decrease) was 0.0 in September 2026, compared to -8.0 in August 2026.
Sample. The monthly series shown in the chart has 395 records in total. The series covers the span of time extending from November 1993 to September 2026.
History. Here are a few descriptive statistics calculated on the full sample: the diffusion index reached its maximum of 35.0 in November 1997; it reached its lowest level of -90.0 in April 2020; it averaged 5.9.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | -3.00000 |
| 2026-08-31 | -8.00000 |
| 2026-09-30 | 0 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did revenues 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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