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 firms' responses to the Texas Manufacturing Outlook Survey carried out by the Dallas FED, the seasonally unadjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) was 24.0 in January 2026, compared to 21.1 in December 2025.
Sample. The monthly series shown in the figure has 259 records overall. The time period covered by the series goes from June 2004 to January 2026.
History. Here's a snapshot of a few statistics we computed on the full sample: the diffusion index reached a minimum of -27.7 in January 2009; it reached a maximum of 49.2 in January 2005; it had a mean value of 19.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 15.2 |
| 2025-12-31 | 21.1 |
| 2026-01-31 | 24.0 |
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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 | 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
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