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. According to survey data about manufacturers collected by the Federal Reserve in Texas, the seasonally unadjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) was 12.9 in May 2026, compared to 20.9 in April 2026.
Sample. In this monthly series, there are a total of 263 observations. The period covered by the series stretches from June 2004 to May 2026.
History. Here's a glimpse of a few summary statistics we calculated on the whole sample: the diffusion index reached a maximum of 49.2 in January 2005; it reached a minimum of -27.7 in January 2009; it averaged 19.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-03-31 | 24.7 |
| 2026-04-30 | 20.9 |
| 2026-05-31 | 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 | 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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