Fifth District Survey of Manufacturing Activity: Wages: Current (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - Richmond FED - Monthly
This series is part of the dataset: Fifth District Survey of Manufacturing Activity (Richmond 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 (share of CEOs seeing a recent increase minus share reporting a decrease) was 11.0 in September 2025, compared to 20.0 in August 2025.
Sample. In this monthly time series, there are a total of 259 data points. The span of time covered by the series stretches from January 1997 to September 2025.
History. Check out some descriptive statistics computed on the whole sample: the diffusion index reached a maximum of 49.0 in August 2021; it registered a minimum of -11.0 in February 2008; it averaged 14.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-07-31 | 13.0 |
| 2025-08-31 | 20.0 |
| 2025-09-30 | 11.0 |
Hint. A benefit of using our web site is that we provide accurate metadata. Check it below to delve deeper into the properties of the time series that you use in your research.
Not for investment purposes. Data available on this web site are not intended for investment purposes or as a basis for financial-decision making. Users should seek expert advice and do independent analysis before making any financial commitments.
Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did wages increase or decrease in the past month? |
| Country | United States |
| Economic concept | Business survey response |
| Data type | Coincident indicator of the business cycle |
| Deflation method | Not applicable |
| Seasonally adjusted | No |
| Rescaling | None |
| Frequency | Monthly |
| Unit | Percentage points |
| Source | Federal Reserve Bank of Richmond |
| 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) |
Series in the same data set
Discover the other time series included in this data set.