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 a sample of manufacturing firms surveyd by the FED, the seasonally adjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 26.8 in October 2025, compared to 12.5 in September.
Sample. There are 257 observations in the monthly time series presented in the chart above. The time span covered by the series stretches from June 2004 to October 2025.
History. Here's a glimpse of a few simple statistics calculated on the entire sample: the diffusion index averaged 19.4; it hit a minimum of -29.9 in January 2009; it reached its highest level of 48.7 in October 2004.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 23.3 |
| 2025-09-30 | 12.5 |
| 2025-10-31 | 26.8 |
Suggestion. Our metadata often contain references to the sources of the data we provide. You can use these references to find more details.
Not for investment purposes. Data and analyses hosted on this web site are not suitable for investment purposes or as a basis for financial-decision making. Users should seek professional advice and perform their own independent due diligence before making any financial commitments.
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) |