Average Fed Mfg Survey: Wages: Current (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - FSR - Monthly
This series is part of the dataset: Average Fed Mfg Survey (FetchSeries Research)
Download Full Dataset (.xlsx)Latest updates. Based on an average of regional Federal Reserve manufacturing surveys, the seasonally adjusted diffusion index for wages was 22.2 (share of CEOs seeing a recent increase minus share reporting a decrease) in September 2026, compared to 23.6 in August 2026.
Sample. In the monthly series shown in the plot, there are 268 records. The series covers the period going from June 2004 to September 2026.
History. Here are some statistics we calculated on the entire sample: the diffusion index averaged 18.6; it reached its lowest level of -8.5 in March 2009; it recorded its maximum of 47.7 in July 2021.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 29.4000 |
| 2026-08-31 | 23.5500 |
| 2026-09-30 | 22.2000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did wages and benefits increase or decrease in the past month? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Coincident indicator of the business cycle |
| Seasonally adjusted | Yes |
| Deflation method | Not applicable |
| Rescaling | None |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | FetchSeries Research calculations on Federal Reserve data |
| Source type | Data research lab |
| Data licence | Creative Commons Attribution 4.0 International (CC BY 4.0) + FetchSeries disclaimers |
| Other information | Arithmetic average across 2 regional Federal Reserve manufacturing surveys |
| FSR temporal aggregation code | LM01 |
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