For immediate release: July 26, 2010
Texas Manufacturing Activity Remains Sluggish, According to Dallas Fed Survey
DALLAS—Texas factory activity rebounded slightly in July, according to the Federal Reserve Bank of Dallas’ Texas Manufacturing Outlook Survey.
The production index—a key indicator of state manufacturing conditions—suggested slight growth in output in July.
Texas produces more than 9.5 percent of total manufactured goods in the United States, ranking second behind California in factory production.
Meanwhile, several indexes for factory activity fell in July, including new orders, growth rate of orders and capacity utilization.
The employment index edged up and was positive for the fifth consecutive month, with 20 percent of firms reporting new hires. The wages and benefits index also rose, but overall wage pressures remained minimal, as 90 percent of respondents noted no change in compensation costs.
The Dallas Fed conducts the Texas Manufacturing Outlook Survey monthly to obtain a timely assessment of the state’s factory activity.
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