For immediate release: February 28, 2011
Dallas Fed: Texas Manufacturing Activity Picks Up
DALLAS—Texas factory activity increased in February, according to the Federal Reserve Bank of Dallas’ Texas Manufacturing Outlook Survey.
Texas produces more than 9.5 percent of total manufactured goods in the United States, ranking second behind California in factory production.
The production index—a key measure of state manufacturing conditions— rose following a reading near zero in January.
Positive readings in the survey generally indicate expansion of factory activity while readings below zero generally indicate contraction.
Most other indicators of current activity moved further into positive territory, signaling stronger growth in manufacturing. The capacity utilization, new orders and shipments indexes all moved up.
Respondents also noted continued improvement in the broader economy as indexes reflecting general business conditions had positive readings for the fifth month in a row.
Labor market indicators continued to reflect more hiring, a longer workweek and rising labor costs. The employment index rose further into positive territory.
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