Manufacturing Business Outlook Survey: Capital expenditures: Future (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - Philly FED - Monthly
This series is part of the dataset: Manufacturing Business Outlook Survey (Philly FED)
Download Full Dataset (.xlsx)Latest updates. Based on firms' responses to the Manufacturing Business Outlook Survey carried out by the Philadelphia FED, the seasonally adjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) was 37.1 in September 2026, compared to 48.2 in August 2026.
Sample. In the monthly time series shown in the plot, there are 701 records. The time span covered by the series stretches from May 1968 to September 2026.
History. Here's a snapshot of some descriptive statistics calculated on the full sample: the diffusion index recorded a maximum of 51.1 in March 1973; it recorded a minimum of -18.3 in December 2008; it had a mean of 18.7.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2026-07-31 | 30.1000 |
| 2026-08-31 | 48.2000 |
| 2026-09-30 | 37.1000 |
Nugget of wisdom. We organize time series into worksheets and datasets to simplify complex analyses. By moving down the page, you will find how we structured further material linked to the statistics provided here.
Not for investment purposes. Data series and other information collected and published on FetchSeries are not meant for investment purposes or as a basis for making financial decisions. Users should seek expert advice and do independent analysis before pledging money to any investment.
Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will capital expenditures 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 Philadelphia |
| 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) |
Series in the same data set
Discover the other time series included in this data set.