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. According to recent survey data about manufacturing firms in Texas, the seasonally adjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) was 12.9 in November 2025, compared to 26.8 in October 2025.
Sample. In this monthly series, there are 258 observations. The series covers the time span stretching from June 2004 to November 2025.
History. Here's a snapshot of some simple statistics calculated on the full sample: the diffusion index was equal on average to 19.4; it peaked at 48.7 in October 2004; it reached its lowest level of -29.9 in January 2009.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-09-30 | 12.5 |
| 2025-10-31 | 26.8 |
| 2025-11-30 | 12.9 |
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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) |
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