Texas Manufacturing Outlook Survey: Capital expenditures: Future (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. Based on firms' responses to the Texas Manufacturing Outlook Survey carried out by the Dallas FED, the seasonally adjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 22.0 in January 2026, compared to 17.8 in December 2025.
Sample. There are 260 data points in the monthly series presented in the chart above. The series covers the span of time stretching from June 2004 to January 2026.
History. Here's a peek at some statistics we calculated on the entire sample: the diffusion index averaged 19.4; it recorded a maximum of 48.5 in October 2004; it hit a trough of -30.3 in January 2009.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 13.0 |
| 2025-12-31 | 17.8 |
| 2026-01-31 | 22.0 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will capital expenditures 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 | 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) |
Series in the same data set
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