Fifth District Survey of Non-Manufacturing Activity: Equipment and software 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 a sample of nonmanufacturing firms surveyed by the Fed, the seasonally adjusted diffusion index for equipment and software expenditures (share of CEOs seeing a recent increase minus share reporting a decrease) was 1.0 in September 2026, versus 4.0 in August.
Sample. This monthly time series has 190 records. The series covers the time span stretching from December 2010 to September 2026.
History. Here's a glimpse of some simple statistics we calculated on the whole sample: the diffusion index was equal on average to 12.3; it achieved a maximum of 32.0 in June 2018; it reached its lowest level of -19.0 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 5.00000 |
| 2026-08-31 | 4.00000 |
| 2026-09-30 | 1.00000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did equipment and software 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 |
Series in the same data set
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