Chicago Fed Survey of Economic Conditions
US regional business conditions survey from the Chicago Fed.
| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General activity | -4.55 | 4.69 | 10.5 | 21.21 | 12.8 | 19.44 | 21.33 | 19.63 | 12.44 | -14.93 | 0 | 15.93 | -9.55 | 2.75 | -18.83 | -2.62 | 3.77 | -10.84 | 0 | -1.22 | 2.63 | 13.27 | 0 | -7.63 | -15.79 | 0 | -6.47 | -12.33 | 2.69 | -1.32 | 2.43 | -5.77 | 10.55 | -13.41 | -29.76 | -37.36 | -19.22 | |
| Manufacturing activity | 25 | 19.05 | 32.31 | 66.67 | 43.42 | 26.25 | 49.41 | 24.71 | 23.6 | -23.6 | 16.48 | 16.85 | -6.59 | 6.74 | 3.3 | 6.52 | -21.43 | -6 | 18.37 | 3.03 | 12.77 | 3.3 | -6.98 | 0 | -16.3 | 3.37 | -22.34 | -29.35 | 3.09 | -16.3 | 2.88 | 5.5 | 16.82 | -5.94 | -22.86 | -44.74 | -16.94 | |
| Non-manufacturing activity | -19.57 | -2.33 | 0 | -4.76 | -4.44 | 15.44 | 8.57 | 13.95 | 4.69 | -11.36 | -10.56 | 15.33 | -13.95 | 0 | -34.09 | -4.38 | 21.28 | -16.11 | -12.24 | -4.11 | -4.48 | 20 | 4.29 | -14.38 | -15.48 | -4.17 | 2.17 | 0 | 0 | 8.82 | 2.1 | -13.91 | 8.05 | -18.62 | -34.69 | -27.81 | -21.02 | |
| U.S. economic outlook 12 months ahead | 1.21 | 6.12 | 2.33 | 20 | 1.12 | 2.21 | -9.61 | 16.73 | 13.24 | 4.36 | -3.16 | -10.87 | -29.67 | 0 | -2.14 | -39.5 | -26.62 | -62.1 | -39.38 | 3.75 | 23.08 | 41.55 | 18.06 | 10.78 | 0 | -7.05 | 5.98 | -10.24 | -9.44 | -2.14 | 13.22 | 7.69 | -11.5 | -15.2 | -32.8 | -44.17 | -39.54 | |
| LABOR2 | ||||||||||||||||||||||||||||||||||||||
| Current hiring | -5.26 | -16.14 | -1.29 | -3.86 | -6.07 | -19.28 | -23.72 | -31.78 | -15.19 | -20.9 | -30.12 | -16.67 | -24.29 | -17.21 | -30.83 | -25.58 | -5.47 | -34.02 | -17.06 | -35 | -34.04 | -34.7 | -21.51 | -29.78 | -25.17 | -27.27 | -22.14 | -17.11 | -19.84 | -6.98 | -10.04 | -27.66 | -14.08 | -28.41 | -28.26 | -18.43 | -19.35 | |
| Expected hiring 12 months ahead | -7.89 | -24.11 | -20.25 | -11.44 | -15.54 | -14.4 | -19.92 | -13.58 | -27.82 | -27.49 | -34.48 | -41.34 | -35.86 | 4.84 | -16.67 | -16.6 | -16.09 | -22.14 | -22.99 | -19.35 | -3.38 | -2.26 | -17.98 | -10.75 | -12.37 | -20.28 | -9.68 | -33.58 | -33.33 | -3.38 | -12.86 | 1.02 | -12.63 | -4.48 | -31.8 | -26.91 | -22.09 | |
| Expected capital expenditures 12 months ahead | 20.75 | -11.46 | -12.35 | -3.49 | -11.29 | 4.79 | -9.23 | -26.09 | -22.22 | -9.38 | -24.88 | -12.06 | -21.76 | -33.16 | -19.6 | -17.65 | -27.01 | -28.04 | -31.13 | -18.57 | -4.64 | -7.77 | -27.98 | -24.76 | -16.67 | -33.01 | -18.84 | -1.53 | -21 | 2.97 | 5.41 | 0 | 6.52 | -17.26 | -10.17 | -2.42 | -6.95 | |
| COST PRESSURES2 | ||||||||||||||||||||||||||||||||||||||
| Labor costs | -24.49 | -53.67 | -32.75 | -23.79 | -36.71 | -34.47 | -46.25 | -40.18 | -30.26 | -51.28 | -54.98 | -36.59 | -37.04 | -42.15 | -31.08 | -51.97 | -39.92 | -37.09 | -43.31 | -45.67 | -24.18 | -45.8 | -17.44 | -46.84 | -32.03 | -40.81 | -21.19 | -38.37 | -24.29 | -9.72 | -9.2 | -5.36 | 10.99 | -13.64 | -22.5 | -12.08 | -21.97 | |
| Non-labor costs | -7.69 | -29.53 | -17.82 | -18 | -2.86 | 2.8 | -16.51 | -31.73 | -15.64 | -34.72 | -33.19 | -16.07 | -20.18 | -5.38 | -32.73 | -30.8 | -24.68 | -23.36 | -35.66 | -33.6 | -35.59 | -28.21 | -30.26 | -45.76 | -38.55 | -42.51 | -26.51 | -28.57 | -31.94 | -11.32 | -20.51 | -9.41 | -11.76 | -25.71 | -15.18 | 0 | -20.07 |
Latest reading
General activity stood at −4.55 in Sep 2026. That is −9.23 from Aug 2026 and +5 from a year earlier. The series on this page is monthly and runs from Feb 2013 to Sep 2026. Source: Chicago FED Survey of Economic Conditions.
- Latest
- −4.55
- Sep 2026
- vs previous period
- −9.23
- Aug 2026
- vs a year earlier
- +5
About this data
US regional business conditions survey from the Chicago Fed. It covers monthly diffusion indices for activity, labor, and costs going back to 2013. The data breaks down general economic health into manufacturing, non-manufacturing, and 12-month outlook components. Positive readings signal conditions stronger than the historical average of the United States.
Frequently asked questions
- What does the Chicago Fed Survey of Economic Conditions measure?
- The Chicago Fed Survey of Economic Conditions measures business sentiment across the Seventh Federal Reserve District in the United States using standardized diffusion indices.
- How frequently is the survey published and what is the historical coverage?
- Published monthly by the Federal Reserve Bank of Chicago, the data series for the United States begins in the first year 2013 and is updated regularly.
- Which activity and cost breakdowns are provided?
- The table includes general activity, manufacturing activity, non-manufacturing activity, 12-month economic outlook, capital expenditures, hiring, and labor and non-labor costs.
- How should the diffusion index values be interpreted?
- Positive readings indicate economic conditions stronger than the long-term historical growth average of the United States, while negative readings indicate weaker conditions.
