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 a sample of manufacturing firms surveyd by the FED, the seasonally adjusted diffusion index for the number of employees (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 17.9 in May 2026, compared to 21.6 in April 2026.
Sample. In the monthly time series shown in the figure, there are 264 records in total. The span of time covered by the series extends from June 2004 to May 2026.
History. Here’s a quick look at some descriptive statistics calculated on the full sample: the diffusion index averaged 22.7; it reached its lowest level of -28.9 in January 2009; it hit a peak of 52.1 in January 2022.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-03-31 | 19.5 |
| 2026-04-30 | 21.6 |
| 2026-05-31 | 17.9 |
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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) |
Series in the same data set
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