Fifth District Survey of Non-Manufacturing Activity: Local business conditions: 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. According to survey data about nonmanufacturing firms based in the Fifth District, the seasonally adjusted diffusion index for local business conditions (share of CEOs seeing a recent improvement minus share reporting a worsening) was -8.0 in September 2026, compared to -12.0 in August.
Sample. In this monthly time series, there are 190 records in total. The series covers the span of time stretching from December 2010 to September 2026.
History. Have a look at a few summary statistics calculated on the whole sample: the diffusion index reached its maximum of 36.0 in August 2015; it hit a minimum of -99.0 in April 2020; it had an average value of 6.1.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | -5.00000 |
| 2026-08-31 | -12.0000 |
| 2026-09-30 | -8.00000 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Did local business conditions improve or worsen 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
Discover the other time series included in this data set.