Fifth District Survey of Non-Manufacturing Activity: Business services expenditures: Current (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. Based on firms' responses to the Fifth District Survey of Non-Manufacturing Activity carried out by the Richmond FED, the seasonally adjusted diffusion index for business services expenditures (share of CEOs seeing a recent increase minus share reporting a decrease) stood at -8.0 in September 2026, compared to -2.0 in August.
Sample. In this monthly time series, there are a total of 190 observations. The series covers the span of time extending from December 2010 to September 2026.
History. Take a look at a few summary statistics calculated on the whole sample: the diffusion index had an average value of 3.9; it registered a minimum of -48.0 in April 2020; it reached its maximum of 24.0 in January 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | -3.00000 |
| 2026-08-31 | -2.00000 |
| 2026-09-30 | -8.00000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did business services expenditures 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 | 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 | Not available |
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