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. According to recent survey data about manufacturing firms in Texas, the seasonally unadjusted diffusion index for wages and benefits (share of CEOs seeing a future increase minus share reporting a decrease) stood at 41.1 in February 2026, compared to 33.8 in the previous month.
Sample. There are 260 records overall in the monthly time series shown in the graph above. The time range covered by the series is from June 2004 to February 2026.
History. Here's a peek at a few summary statistics we calculated on the whole sample: the diffusion index recorded a bottom of -2.8 in April 2020; it recorded its highest level of 73.6 in February 2022; it had a mean value of 39.1.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-12-31 | 46.5 |
| 2026-01-31 | 33.8 |
| 2026-02-28 | 41.1 |
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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) |
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