Fifth District Survey of Non-Manufacturing Activity: Demand: 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 recent survey data about nonmanufacturing firms in the Fifth District, the seasonally adjusted diffusion index for demand (share of CEOs seeing a future increase minus share forecasting a decrease) was 29.0 in September 2026, versus 31.0 in August.
Sample. In this monthly series, there are 395 observations in total. The time span covered by the series stretches from November 1993 to September 2026.
History. Here's a peek at a few descriptive statistics computed on the entire sample: the diffusion index had a mean of 28.1; it recorded its maximum of 64.0 in November 1993; it reached a minimum of -20.0 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 30.0000 |
| 2026-08-31 | 31.0000 |
| 2026-09-30 | 29.0000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will demand 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 | Not available |
Series in the same data set
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