Average Fed Mfg Survey: Wages: Future (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 stood at 49.1 (share of CEOs seeing a future increase minus share forecasting a decrease) in September 2026, versus 44.5 in August 2026.
Sample. The monthly series shown in the graph has 268 data points. The period covered by the series extends from June 2004 to September 2026.
History. Check out a few statistics we computed on the entire sample: the diffusion index reached its maximum of 72.0 in February 2022; it reached its lowest level of 0.3 in April 2020; it had a mean value of 38.1.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 45.4000 |
| 2026-08-31 | 44.4500 |
| 2026-09-30 | 49.1500 |
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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 |
| 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 |
Series in the same data set
Discover the other time series included in this data set.