Texas Manufacturing Outlook Survey: Capital expenditures: Future (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 future increase minus share forecasting a decrease) was 15.2 in November 2025, compared to 27.6 in October.
Sample. There are 257 data points overall in the monthly series shown in the plot above. The series covers the time span extending from June 2004 to November 2025.
History. Here's a peek at a few descriptive statistics we calculated on the whole sample: the diffusion index hit a maximum of 49.2 in January 2005; it registered a minimum of -27.7 in January 2009; it averaged 19.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-09-30 | 12.1 |
| 2025-10-31 | 27.6 |
| 2025-11-30 | 15.2 |
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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 | 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) |
Series in the same data set
Discover the other time series included in this data set.