Texas Manufacturing Outlook Survey: Capital expenditures: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - Dallas FED - Monthly
This series is part of the dataset: Texas Manufacturing Outlook Survey (Dallas FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about manufacturers collected by the Federal Reserve in Texas, the seasonally adjusted diffusion index for capital expenditures (share of CEOs seeing a recent increase minus share reporting a decrease) stood at 8.2 in January 2026, compared to 8.4 in December 2025.
Sample. There are 260 observations overall in the monthly time series shown in the chart above. The series covers the time range stretching from June 2004 to January 2026.
History. Here’s a quick look at a few descriptive statistics calculated on the entire sample: the diffusion index reached its lowest level of -54.9 in April 2020; it hit a peak of 32.6 in June 2004; it had an average value of 6.7.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 10.2 |
| 2025-12-31 | 8.4 |
| 2026-01-31 | 8.2 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did capital expenditures 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 Dallas |
| 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) |
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