Fifth District Survey of Non-Manufacturing Activity: Demand: Future (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 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 unadjusted diffusion index for demand (share of CEOs seeing a future increase minus share forecasting a decrease) was 27.0 in September 2026, the same value recorded in August 2026.
Sample. In this monthly time series, there are a total of 395 data points. The span of time covered by the series extends from November 1993 to September 2026.
History. Here’s a quick look at a few simple statistics we calculated on the full sample: the diffusion index hit a maximum of 68.0 in March 1994; it reached a minimum of -16.0 in October 2022; it had a mean value of 28.1.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 28.0000 |
| 2026-08-31 | 27.0000 |
| 2026-09-30 | 27.0000 |
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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 | 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) |
| Other information | Not available |
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