Texas Manufacturing Outlook Survey: Number of employees: 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 firms' responses to the Texas Manufacturing Outlook Survey carried out by the Dallas FED, the seasonally adjusted diffusion index for the number of employees (share of CEOs seeing a future increase minus share forecasting a decrease) was 18.9 in October 2025, versus 12.7 in September.
Sample. There are 257 observations in the monthly time series displayed in the chart above. The time range covered by the series is from June 2004 to October 2025.
History. Here are a few statistics we calculated on the entire sample: the diffusion index had a mean of 22.7; it recorded a maximum of 52.1 in January 2022; it reached its minimum of -28.8 in January 2009.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 27.6 |
| 2025-09-30 | 12.7 |
| 2025-10-31 | 18.9 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will the number of employees 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) |