Texas Manufacturing Outlook Survey: Number of employees: 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 the number of employees (share of CEOs seeing a future increase minus share forecasting a decrease) was 26.9 in November 2025, compared to 16.5 in October 2025.
Sample. There are 257 data points overall in the monthly time series displayed in the figure above. The time range covered by the series goes from June 2004 to November 2025.
History. Take a look at a few simple statistics calculated on the full sample: the diffusion index was equal on average to 22.7; it reached its lowest level of -24.3 in January 2009; it hit a maximum of 55.7 in January 2022.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-09-30 | 10.3 |
| 2025-10-31 | 16.5 |
| 2025-11-30 | 26.9 |
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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 | 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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