Surveys

Texas Manufacturing Outlook Survey

September 25, 2017

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Sep Index	Aug Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	19.5	20.3	–0.8	Increasing	15	36.0	47.5	16.5
Capacity Utilization	15.8	12.2	+3.6	Increasing	15	31.8	52.2	16.0
New Orders	18.6	14.3	+4.3	Increasing	11	37.3	44.1	18.7
Growth Rate of Orders	9.7	11.7	–2.0	Increasing	9	26.4	56.9	16.7
Unfilled Orders	8.1	0.2	+7.9	Increasing	9	21.1	65.9	13.0
Shipments	27.4	18.1	+9.3	Increasing	10	41.4	44.6	14.0
Delivery Time	10.1	0.5	+9.6	Increasing	3	15.7	78.7	5.6
Materials Inventories	3.9	2.5	+1.4	Increasing	3	22.9	58.2	19.0
Finished Goods Inventories	–4.5	–3.8	–0.7	Decreasing	5	15.5	64.5	20.0
Prices Paid for Raw Materials	34.5	26.9	+7.6	Increasing	19	35.1	64.3	0.6
Prices Received for Finished Goods	17.5	10.2	+7.3	Increasing	14	21.3	74.9	3.8
Wages and Benefits	26.4	26.9	–0.5	Increasing	94	27.6	71.2	1.2
Employment	16.3	9.9	+6.4	Increasing	9	27.7	60.9	11.4
Hours Worked	18.4	14.5	+3.9	Increasing	11	27.9	62.6	9.5
Capital Expenditures	13.6	14.5	–0.9	Increasing	13	19.2	75.2	5.6

General Business Conditions Current (versus previous month)
Indicator	Sep Index	Aug Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	25.6	16.3	+9.3	Improving	13	33.9	57.8	8.3
General Business Activity	21.3	17.0	+4.3	Improving	12	30.3	60.7	9.0

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Sep Index	Aug Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	46.5	43.1	+3.4	Increasing	103	55.2	36.1	8.7
Capacity Utilization	44.9	38.6	+6.3	Increasing	103	53.5	37.9	8.6
New Orders	48.7	48.6	+0.1	Increasing	103	53.9	40.9	5.2
Growth Rate of Orders	35.8	37.1	–1.3	Increasing	103	42.1	51.6	6.3
Unfilled Orders	9.7	6.7	+3.0	Increasing	24	17.5	74.7	7.8
Shipments	47.8	41.8	+6.0	Increasing	103	55.6	36.6	7.8
Delivery Time	1.0	2.1	–1.1	Increasing	10	11.5	78.0	10.5
Materials Inventories	10.8	12.0	–1.2	Increasing	10	26.4	58.0	15.6
Finished Goods Inventories	10.5	–2.0	+12.5	Increasing	1	23.8	62.9	13.3
Prices Paid for Raw Materials	35.9	26.0	+9.9	Increasing	102	40.6	54.7	4.7
Prices Received for Finished Goods	20.0	17.0	+3.0	Increasing	20	27.6	64.8	7.6
Wages and Benefits	39.8	44.3	–4.5	Increasing	160	40.4	59.0	0.6
Employment	41.3	30.8	+10.5	Increasing	58	45.1	51.1	3.8
Hours Worked	17.2	11.8	+5.4	Increasing	16	20.9	75.4	3.7
Capital Expenditures	29.8	19.6	+10.2	Increasing	94	34.6	60.6	4.8

General Business Conditions Future (six months ahead)
Indicator	Sep Index	Aug Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	39.9	34.5	+5.4	Improving	20	44.1	51.7	4.2
General Business Activity	34.5	29.2	+5.3	Improving	16	39.0	56.5	4.5

*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.