18 Sep 2026

diffusion index

The share of respondents reporting an increase minus the share reporting a decrease

A survey score where zero (or 50, depending on the convention) means as many respondents see things improving as worsening.

Business surveys ask whether activity is higher, the same or lower. A diffusion index reports the balance of answers. The regional Fed surveys centre on zero; purchasing managers' indexes centre on 50. Either way the level says how widespread a change is, not how large.

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