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 27.6 in October 2025, compared to 12.1 in the previous month.
Sample. In the monthly series presented in the plot, there are 256 data points overall. The series covers the period extending from June 2004 to October 2025.
History. Here are some simple statistics calculated on the full sample: the diffusion index hit a peak of 49.2 in January 2005; it hit a trough of -27.7 in January 2009; it had a mean value of 19.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 21.1 |
| 2025-09-30 | 12.1 |
| 2025-10-31 | 27.6 |
Tip. To make your life easier, we organize time series into data sets and worksheets. Scrolling downwards, you will discover how we structured further information linked to the statistics published here.
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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) |