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. According to survey data about manufacturers based in Texas, the seasonally adjusted diffusion index for wages and benefits (share of CEOs seeing a future increase minus share reporting a decrease) was 32.0 in January 2026, versus 41.3 in December 2025.
Sample. There are 260 observations overall in the monthly time series displayed in the graph above. The time span covered by the series is from June 2004 to January 2026.
History. Have a look at a few summary statistics computed on the full sample: the diffusion index was equal on average to 39.0; it registered a minimum of 0.7 in April 2020; it recorded a maximum of 73.9 in February 2022.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-11-30 | 38.0 |
| 2025-12-31 | 41.3 |
| 2026-01-31 | 32.0 |
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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) |
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