Texas Manufacturing Outlook Survey: Capital expenditures: Future (increase vs decrease; diffusion index; percentage points; seasonally adjusted) - United States - Dallas FED - Monthly
This series is part of the dataset: Texas Manufacturing Outlook Survey (Dallas FED)
Download Full Dataset (.xlsx)Latest updates. Based on a sample of manufacturing firms surveyd by the FED, the seasonally adjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) stood at 23.3 in August 2025, versus 15.5 in July.
Sample. There are 255 observations overall in the monthly time series presented in the graph above. The series covers the time range extending from June 2004 to August 2025.
History. Here are some simple statistics we calculated on the entire sample: the diffusion index hit a trough of -29.9 in January 2009; it recorded its maximum of 48.7 in October 2004; it was equal on average to 19.4.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-06-30 | 16.9 |
| 2025-07-31 | 15.5 |
| 2025-08-31 | 23.3 |
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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 Dallas |
| 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.