Texas Manufacturing Outlook Survey: Wages and benefits: Current (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 wages and benefits (share of CEOs seeing a recent increase minus share reporting a decrease) was 17.4 in January 2026, compared to 21.7 in December 2025.
Sample. There are 260 observations in the monthly series displayed in the figure above. The period covered by the series extends from June 2004 to January 2026.
History. Here are some descriptive statistics we calculated on the full sample: the diffusion index had an average value of 20.9; it reached a trough of -9.0 in March 2009; it recorded its highest level of 55.1 in March 2022.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 15.3 |
| 2025-12-31 | 21.7 |
| 2026-01-31 | 17.4 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did wages and benefits increase or decrease in the past month? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Coincident 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) |
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