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 survey data about manufacturers collected by the Federal Reserve in Texas, the seasonally unadjusted diffusion index for wages and benefits (share of CEOs seeing a future increase minus share reporting a decrease) was 46.2 in November 2025, versus 46.3 in October.
Sample. In the monthly time series displayed in the figure, there are 257 records in total. The span of time covered by the series goes from June 2004 to November 2025.
History. Here's a glimpse of some simple statistics we calculated on the full sample: the diffusion index had a mean of 39.0; it reached its lowest level of -2.8 in April 2020; it attained a maximum of 73.6 in February 2022.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-09-30 | 28.3 |
| 2025-10-31 | 46.3 |
| 2025-11-30 | 46.2 |
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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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