Texas Manufacturing Outlook Survey: Wages and benefits: 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 collected by the Federal Reserve in Texas, the seasonally unadjusted diffusion index for wages and benefits (share of CEOs seeing a future increase minus share reporting a decrease) was 38.7 in August 2025, compared to 32.0 in July 2025.
Sample. There are 254 observations in the monthly time series shown in the figure above. The period covered by the series is from June 2004 to August 2025.
History. Here are a few summary statistics computed on the entire sample: the diffusion index had a mean value of 39.0; it achieved a maximum of 73.6 in February 2022; it hit a trough of -2.8 in April 2020.
Latest values
| Date | Value - Percentage points |
|---|---|
| 2025-06-30 | 27.3 |
| 2025-07-31 | 32.0 |
| 2025-08-31 | 38.7 |
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Series Metadata
| Field | Value |
|---|---|
| Description | Diffusion index for the question: Will wages and benefits 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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