Texas Manufacturing Outlook Survey: Capital expenditures: Future (increase vs decrease; diffusion index; percentage points; seasonally unadjusted) - United States - Dallas FED - Monthly
This series is part of the dataset: Texas Manufacturing Outlook Survey (Dallas FED)
Download Full Dataset (.xlsx)Latest updates. According to survey data about manufacturers based in Texas, the seasonally unadjusted diffusion index for capital expenditures (share of CEOs seeing a future increase minus share forecasting a decrease) was 21.1 in August 2025, versus 12.1 in July 2025.
Sample. There are 254 data points overall in the monthly series presented in the plot above. The series covers the time range stretching from June 2004 to August 2025.
History. Take a look at a few summary statistics calculated on the whole sample: the diffusion index registered a minimum of -27.7 in January 2009; it reached its highest level of 49.2 in January 2005; it was equal on average to 19.3.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-06-30 | 13.3 |
| 2025-07-31 | 12.1 |
| 2025-08-31 | 21.1 |
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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 | No |
| 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) |
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