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Economy in Brief

Federal Reserve Bank of Dallas Activity Index Declines
by Tom Moeller  July 29, 2013

The Federal Reserve Bank of Dallas reported that its General Business Activity Index fell to 4.4 this month from 6.5 during June. The series, nevertheless, remained improved from its spring lows. Monthly deterioration in the index components was widespread in July including production, new orders and wages & benefits. Continuing higher, however, were the series covering employment, shipments and raw materials prices. 

The index of business activity six months ahead likewise reversed some of its June improvement but remained improved from its earlier lows. That pattern was reflected in the company outlook, new orders and wages & benefits series. Continuing upward were the production, capacity utilization and employee workweek series.    

Each index is calculated by subtracting the percentage reporting a decrease from the percentage reporting an increase. When all firms report that activity has increased, an index will register 100. An index will register -100 when all firms report a decrease. An index will be zero when the number of firms reporting an increase or decrease is equal. Items may not add up to 100% because of rounding.

Economic Shocks Reverberate in World of Interconnected Trade Ties from the Federal Reserve Bank of Dallas can be found here.

Texas Manufacturing Outlook Survey Jul Jun May Jul '11 2012 2011 2010
General Business Activity Index 4.4 6.5 -10.5 -16.1 -0.5 -0.5 3.7
  Company Outlook 4.5 13.3 -6.8 1.7 4.2 6.8 9.3
  Production 11.4 17.1 11.2 13.0 8.7 6.9 1.7
  New Orders Volume 10.8 13.0 6.2 0.3 1.4 5.7 8.7
  Number of Employees 9.3 0.2 -6.3 12.2 11.8 8.9 4.8
  Prices Received for Finished Goods -1.0 -2.1 -8.3 -6.0 0.9 9.2 -0.4
  Wages & Benefits 16.4 20.0 14.0 23.5 16.7 14.5 8.7
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