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 33.8 in May 2026, versus 31.7 in the previous month.
Sample. There are 263 observations overall in the monthly time series shown in the graph above. The span of time covered by the series extends from June 2004 to May 2026.
History. Here's a snapshot of some summary statistics calculated on the full sample: the diffusion index had an average value of 39.0; it hit a minimum of -2.8 in April 2020; it recorded its highest level of 73.6 in February 2022.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-03-31 | 34.7 |
| 2026-04-30 | 31.7 |
| 2026-05-31 | 33.8 |
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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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