Texas Manufacturing Outlook Survey: Wages and benefits: 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. Based on a sample of manufacturing firms surveyd by the FED, the seasonally unadjusted diffusion index for wages and benefits (share of CEOs seeing a future increase minus share reporting a decrease) was 46.3 in October 2025, compared to 28.3 in September.
Sample. There are 256 observations overall in the monthly series shown in the figure above. The series covers the time range stretching from June 2004 to October 2025.
History. Have a look at some statistics computed on the entire sample: the diffusion index had a mean value of 39.0; it reached its maximum of 73.6 in February 2022; it reached a minimum of -2.8 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-08-31 | 38.7 |
| 2025-09-30 | 28.3 |
| 2025-10-31 | 46.3 |
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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 | 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) |