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Economy in Brief

Texas Factory Sector Activity Continues to Improve While Expectations Strengthen
by Tom Moeller  July 27, 2015

The Federal Reserve Bank of Dallas indicated that Texas business conditions improved through this month. The overall business activity index rebounded to its highest level since January while production strengthened to the firmest point since February. The growth rate of new orders also rebounded but employment eased. The company outlook measure improved to its most optimistic since December while the rate of price deflation eased during the last two months.

Expected business conditions improved dramatically during the last three months. Similarly, the company outlook measure improved to the highest level since September as expectations for shipments jumped. Expected orders growth also increased but not as dramatically. Future wages & benefits paid remained under pressure.

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. Data for the Texas Manufacturing Outlook can be found in Haver's SURVEYS database.

Texas Manufacturing Outlook Survey (SA) Jul Jun May Jul '14 2014 2013 2012
Current General Business Activity Index (% Balance) -4.6 -7.0 -20.8 12.9 8.3 2.2 -0.6
   Production -1.9 -6.5 -13.5 19.8 14.6 9.8 8.7
   Growth Rate of Orders -5.2 -16.5 -15.2 16.5 4.7 0.1 -2.8
   Number of Employees -3.3 -1.2 -8.2 12.1 11.5 5.6 11.8
   Prices Received for Finished Goods -2.9 -1.9 -8.7 7.5 8.3 2.9 0.9
Expected Conditions in Six Months 18.8 8.1 4.9 20.4 17.4 11.0 7.6
   Production 37.4 35.2 38.6 40.1 42.7 37.1 32.4
   Growth Rate of New Orders 29.7 21.1 27.3 31.7 31.5 25.0 19.5
   Wages & Benefits 31.2 31.0 30.6 45.2 43.0 38.2 34.2
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