Empire State Manufacturing Survey: Capital expenditures: Future (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - NY FED - Monthly
This series is part of the dataset: Empire State Manufacturing Survey (NY FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about NY-based manufacturers collected by the Federal Reserve, the seasonally adjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 14.9 in September 2026, versus 16.5 in August.
Sample. In this monthly series, there are 303 records overall. The series covers the span of time going from July 2001 to September 2026.
History. Take a look at a few simple statistics we computed on the whole sample: the diffusion index was equal on average to 18.7; it hit a maximum of 42.3 in December 2003; it recorded a bottom of -19.1 in March 2009.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 15.0000 |
| 2026-08-31 | 16.5000 |
| 2026-09-30 | 14.9000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will capital expenditures 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 | Yes |
| Rescaling | None |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of New York |
| Source type | Central bank |
| Data licence | Free use subject to conditions |
| Measure type | Diffusion index (share of respondents reporting an increase minus share reporting a decrease) |
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