Fifth District Survey of Non-Manufacturing Activity: Average employee workweek: Future (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - Richmond FED - Monthly
This series is part of the dataset: Fifth District Survey of Non-Manufacturing Activity (Richmond FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about nonmanufacturing firms collected by the Federal Reserve Bank of Richmond, the seasonally adjusted diffusion index for the average employee workweek (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 7.0 in May 2022, compared to 15.0 in April. The Richmond Fed discontinued this question after the May 2022 survey release.
Sample. In the monthly series plotted above, there are 138 observations. The time span covered by the series is from December 2010 to May 2022.
History. Here’s a quick look at a few descriptive statistics calculated on the whole sample: the diffusion index reached its highest level of 23.0 in March 2021; it registered a minimum of -9.0 in April 2020; it was equal on average to 9.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2022-03-31 | 10.0000 |
| 2022-04-30 | 15.0000 |
| 2022-05-31 | 7.00000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will the average employee workweek 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 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) |
| Other information | The Richmond Fed discontinued this question after the May 2022 survey release. |
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