NOTE: THIS DATA FILE WILL CHANGE! To improve accessibility of data for all users, we will convert this file from a text format to an html table by the end of June 2024. Title: Chicago Fed Survey of Economic Conditions: Nonlabor Costs Index in Federal Reserve District 7: Chicago Series ID: CFSBCNONLABORCOSTS Source: Federal Reserve Bank of Chicago Release: Chicago Fed Survey of Economic Conditions Seasonal Adjustment: Not Seasonally Adjusted Frequency: Monthly Units: Index Date Range: 2013-02-01 to 2024-05-01 Last Updated: 2024-05-22 9:04 AM CDT Notes: What is the Survey of Economic Conditions? Contacts located in the Seventh Federal Reserve District are asked to rate various aspects of economic conditions along a seven-point scale ranging from "large increase" to "large decrease." A series of diffusion indexes summarizing the distribution of responses is then calculated. How are the indexes constructed? Respondents' answers on the seven-point scale are assigned a numeric value ranging from +3 to –3. Each diffusion index is calculated as the difference between the number of respondents with answers above their respective average responses and the number of respondents with answers below their respective average responses, divided by the total number of respondents. The index is then multiplied by 100 so that it ranges from +100 to −100 and will be +100 if every respondent provides an above-average answer and –100 if every respondent provides a below-average answer. Respondents with no prior history of responses are excluded from the calculation. What do the numbers mean? Respondents' respective average answers to a question can be interpreted as representing their historical trends, or long-run averages. Thus, zero index values indicate, on balance, average growth (or a neutral outlook) for activity, hiring, capital spending, and cost pressures. Positive index values indicate above-average growth (or an optimistic outlook) on balance, and negative values indicate below-average growth (or a pessimistic outlook) on balance. Beginning with the May 12, 2020 release, the CFSEC moved to a monthly release schedule. This release, with data for April 2020, now contains estimated monthly historical values for the CFSEC indexes, as will all future releases. For additional information on how the survey and indexes changed, see the CFSEC FAQs available here (https://www.chicagofed.org/research/data/cfsec/current-data). Prior to April 2022, the Chicago Fed Survey of Economic Conditions was named the Chicago Fed Survey of Business Conditions (CFSBC). The name change was made to better represent the survey’s aim and base of respondents. The goal of the survey is to assess the state of the economy in the Seventh Federal Reserve District. Moreover, since the beginning of the survey, it was been filled out by both business and nonbusiness contacts. DATE VALUE 2013-02-01 5.7142858505249020 2013-03-01 -3.1764564514160160 2013-04-01 -15.5045862197876000 2013-05-01 -29.9999980926513700 2013-06-01 -27.2113933563232400 2013-07-01 -28.9377365112304700 2013-08-01 -35.2941169738769500 2013-09-01 -36.1643066406250000 2013-10-01 -33.2640495300293000 2013-11-01 -26.3999996185302700 2013-12-01 -10.5801239013671900 2014-01-01 -5.0897922515869140 2014-02-01 -11.1801242828369100 2014-03-01 -27.6725387573242200 2014-04-01 -20.7110824584960900 2014-05-01 12.0603008270263700 2014-06-01 8.0587053298950200 2014-07-01 5.5860891342163090 2014-08-01 4.4776120185852050 2014-09-01 -2.6659073829650880 2014-10-01 -6.9479045867919920 2014-11-01 -8.6538457870483400 2014-12-01 -3.0100333690643310 2015-01-01 0.4025764763355255 2015-02-01 1.2345678806304930 2015-03-01 -7.7863602638244630 2015-04-01 -11.9856595993042000 2015-05-01 -10.0746269226074200 2015-06-01 -13.1473464965820300 2015-07-01 -18.1793403625488300 2015-08-01 -25.5060729980468800 2015-09-01 -33.0731887817382800 2015-10-01 -31.9602375030517600 2015-11-01 -22.0930233001709000 2015-12-01 -15.8651084899902300 2016-01-01 -19.5279159545898400 2016-02-01 -33.9622650146484400 2016-03-01 -17.2386760711669900 2016-04-01 -11.1516437530517600 2016-05-01 -17.4311923980712900 2016-06-01 -12.7441263198852500 2016-07-01 -10.5538301467895500 2016-08-01 -10.7142858505249000 2016-09-01 -5.5290966033935550 2016-10-01 2.1207025051116940 2016-11-01 12.7450981140136700 2016-12-01 18.7809028625488300 2017-01-01 19.6372070312500000 2017-02-01 14.7540988922119100 2017-03-01 1.4557255506515500 2017-04-01 -8.5476179122924800 2017-05-01 -13.3561639785766600 2017-06-01 -5.0429372787475590 2017-07-01 -1.0460036993026730 2017-08-01 -1.0989011526107790 2017-09-01 -1.1043665409088130 2017-10-01 -2.2282426357269290 2017-11-01 -4.5454545021057130 2017-12-01 10.5138349533081100 2018-01-01 17.4464263916015600 2018-02-01 15.1750974655151400 2018-03-01 14.1247739791870100 2018-04-01 15.5381326675415000 2018-05-01 19.5652179718017600 2018-06-01 15.2050142288208000 2018-07-01 23.4604511260986300 2018-08-01 44.8818893432617200 2018-09-01 27.8686008453369100 2018-10-01 22.5842247009277300 2018-11-01 28.6764717102050800 2018-12-01 16.1098594665527300 2019-01-01 5.9816117286682130 2019-02-01 -1.0989011526107790 2019-03-01 1.0412228107452390 2019-04-01 -1.5793690681457520 2019-05-01 -9.2664089202880860 2019-06-01 -8.5715274810791020 2019-07-01 -7.0606999397277830 2019-08-01 -4.6332044601440430 2019-09-01 -15.3478260040283200 2019-10-01 -26.0652599334716800 2019-11-01 -37.5000000000000000 2019-12-01 -36.2433395385742200 2020-01-01 -34.2490386962890600 2020-02-01 -31.5126037597656300 2020-03-01 -47.4063415527343800 2020-04-01 -75.5474395751953100 2020-05-01 -65.1112136840820300 2020-06-01 -54.3511810302734400 2020-07-01 -52.8242187500000000 2020-08-01 -54.0255661010742200 2020-09-01 -45.1244964599609400 2020-10-01 -44.1372032165527300 2020-11-01 -39.5111389160156300 2020-12-01 -31.2031497955322300 2021-01-01 -24.6462192535400400 2021-02-01 -7.5947442054748540 2021-03-01 -0.9626199603080750 2021-04-01 3.9729843139648440 2021-05-01 6.3529257774353030 2021-06-01 17.4539165496826200 2021-07-01 17.8633365631103500 2021-08-01 17.0848274230957000 2021-09-01 14.6130104064941400 2021-10-01 16.5335865020752000 2021-11-01 21.4068851470947300 2021-12-01 13.7426977157592800 2022-01-01 20.8235855102539100 2022-02-01 24.4888629913330100 2022-03-01 33.3424186706543000 2022-04-01 33.6716423034668000 2022-05-01 27.9365863800048800 2022-06-01 37.8447875976562500 2022-07-01 26.8961067199707000 2022-08-01 13.2177877426147500 2022-09-01 7.9281764030456540 2022-10-01 -1.3698446750640870 2022-11-01 -7.2342658042907710 2022-12-01 -1.1811023950576780 2023-01-01 6.7164177894592290 2023-02-01 -2.1201412677764890 2023-03-01 -11.7021274566650400 2023-04-01 -6.4516129493713380 2023-05-01 -4.2704625129699710 2023-06-01 -9.6085414886474610 2023-07-01 -30.4347820281982400 2023-08-01 -29.3478260040283200 2023-09-01 -19.0812721252441400 2023-10-01 0.0000000000000000 2023-11-01 -17.5097274780273400 2023-12-01 -26.9387760162353500 2024-01-01 -14.1732292175293000 2024-02-01 -10.6719360351562500 2024-03-01 -15.5844154357910200 2024-04-01 -11.4832544326782200 2024-05-01 -31.8181819915771500