Texas Manufacturing Outlook Survey: Wages and benefits: 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 wages and benefits (share of CEOs seeing a future increase minus share reporting a decrease) stood at 41.5 in October 2025, compared to 28.4 in September 2025.
Sample. In this monthly series, there are 257 records in total. The time period covered by the series stretches from June 2004 to October 2025.
History. Check out a few descriptive statistics we computed on the entire sample: the diffusion index averaged 39.0; it attained a maximum of 74.0 in February 2022; it recorded a bottom of 0.0 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 42.1 |
| 2025-09-30 | 28.4 |
| 2025-10-31 | 41.5 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will wages and benefits 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) |