Average Fed Mfg Survey: Wages: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - 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 unadjusted diffusion index for wages was 20.2 (share of CEOs seeing a recent increase minus share reporting a decrease) in September 2026, versus 22.6 in August.
Sample. In this monthly series, there are 267 records in total. The period covered by the series extends from June 2004 to September 2026.
History. Here's a peek at a few summary statistics computed on the whole sample: the diffusion index reached a maximum of 50.0 in May 2022; it reached a trough of -6.9 in March 2009; it had a mean value of 18.6.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 29.6500 |
| 2026-08-31 | 22.6500 |
| 2026-09-30 | 20.2000 |
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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 | No |
| 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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