Texas Manufacturing Outlook Survey: Capital expenditures: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - Dallas FED - Monthly
This series is part of the dataset: Texas Manufacturing Outlook Survey (Dallas FED)
Download Full Dataset (.xlsx)Latest updates. Based on a sample of manufacturing firms surveyd by the FED, the seasonally unadjusted diffusion index for capital expenditures (share of CEOs seeing a recent increase minus share reporting a decrease) was 6.1 in January 2026, compared to 5.6 in December 2025.
Sample. There are 259 data points overall in the monthly series shown in the plot above. The time period covered by the series stretches from June 2004 to January 2026.
History. Take a look at a few summary statistics we calculated on the whole sample: the diffusion index hit a minimum of -53.1 in April 2020; it recorded its maximum of 33.8 in August 2004; it had an average value of 6.6.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 8.7 |
| 2025-12-31 | 5.6 |
| 2026-01-31 | 6.1 |
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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 | No |
| 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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