Surveys

Texas Manufacturing Outlook Survey

July 31, 2017

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Jul Index	Jun Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	22.8	12.3	+10.5	Increasing	13	37.3	48.3	14.5
Capacity Utilization	18.1	12.3	+5.8	Increasing	13	30.9	56.3	12.8
New Orders	16.1	9.6	+6.5	Increasing	9	32.5	51.1	16.4
Growth Rate of Orders	12.2	4.7	+7.5	Increasing	7	24.6	63.0	12.4
Unfilled Orders	1.0	1.3	–0.3	Increasing	7	14.2	72.6	13.2
Shipments	11.6	8.5	+3.1	Increasing	8	28.5	54.6	16.9
Delivery Time	4.3	0.0	+4.3	Increasing	1	14.1	76.1	9.8
Materials Inventories	3.6	–1.6	+5.2	Increasing	1	18.9	65.8	15.3
Finished Goods Inventories	–1.7	–7.1	+5.4	Decreasing	3	13.3	71.7	15.0
Prices Paid for Raw Materials	15.5	15.6	–0.1	Increasing	17	23.3	68.9	7.8
Prices Received for Finished Goods	5.6	3.6	+2.0	Increasing	12	13.0	79.6	7.4
Wages and Benefits	20.6	21.1	–0.5	Increasing	92	21.3	78.0	0.7
Employment	11.2	9.6	+1.6	Increasing	7	20.6	70.0	9.4
Hours Worked	9.8	8.9	+0.9	Increasing	9	20.8	68.2	11.0
Capital Expenditures	11.6	12.7	–1.1	Increasing	11	19.2	73.2	7.6

General Business Conditions Current (versus previous month)
Indicator	Jul Index	Jun Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	25.9	10.8	+15.1	Improving	11	32.9	60.1	7.0
General Business Activity	16.8	15.0	+1.8	Improving	10	29.5	57.8	12.7

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Jul Index	Jun Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	48.8	47.5	+1.3	Increasing	101	56.4	36.0	7.6
Capacity Utilization	39.9	42.9	–3.0	Increasing	101	49.0	41.8	9.1
New Orders	43.6	52.6	–9.0	Increasing	101	51.0	41.6	7.4
Growth Rate of Orders	32.8	35.7	–2.9	Increasing	101	36.7	59.4	3.9
Unfilled Orders	11.2	10.4	+0.8	Increasing	22	16.3	78.6	5.1
Shipments	47.0	45.0	+2.0	Increasing	101	51.3	44.4	4.3
Delivery Time	3.9	0.9	+3.0	Increasing	8	11.9	80.1	8.0
Materials Inventories	4.6	14.9	–10.3	Increasing	8	20.0	64.6	15.4
Finished Goods Inventories	4.7	7.4	–2.7	Increasing	13	17.8	69.2	13.1
Prices Paid for Raw Materials	20.8	18.5	+2.3	Increasing	100	27.4	66.0	6.6
Prices Received for Finished Goods	21.2	15.9	+5.3	Increasing	18	23.1	75.0	1.9
Wages and Benefits	45.9	44.7	+1.2	Increasing	158	45.9	54.1	0.0
Employment	36.2	32.3	+3.9	Increasing	56	41.1	54.0	4.9
Hours Worked	10.2	8.3	+1.9	Increasing	14	20.2	69.8	10.0
Capital Expenditures	27.1	25.2	+1.9	Increasing	92	33.6	59.8	6.5

General Business Conditions Future (six months ahead)
Indicator	Jul Index	Jun Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	34.8	35.6	–0.8	Improving	18	37.2	60.4	2.4
General Business Activity	31.6	31.9	–0.3	Improving	14	32.6	66.4	1.0

*Indicator direction refers to this month's index. If index is positive (negative), indicator is increasing (decreasing) or improving (worsening). If zero, indicator is unchanged.

**Number of months moving in current direction.

Data have been seasonally adjusted as necessary.

Questions regarding the Texas Manufacturing Outlook Survey can be addressed to Emily Kerr at emily.kerr@dal.frb.org.