Surveys

Texas Manufacturing Outlook Survey

November 27, 2017

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Nov Index	Oct Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	15.1	25.6	–10.5	Increasing	17	32.2	50.7	17.1
Capacity Utilization	17.3	22.5	–5.2	Increasing	17	29.4	58.5	12.1
New Orders	20.0	24.8	–4.8	Increasing	13	36.5	47.0	16.5
Growth Rate of Orders	18.1	12.3	+5.8	Increasing	11	30.3	57.5	12.2
Unfilled Orders	11.4	10.4	+1.0	Increasing	11	21.3	68.8	9.9
Shipments	16.7	20.9	–4.2	Increasing	12	35.0	46.8	18.3
Delivery Time	4.8	3.0	+1.8	Increasing	5	15.4	74.0	10.6
Materials Inventories	6.8	10.6	–3.8	Increasing	5	23.1	60.6	16.3
Finished Goods Inventories	0.0	9.9	–9.9	Unchanged	1	18.8	62.4	18.8
Prices Paid for Raw Materials	32.2	32.3	–0.1	Increasing	21	34.8	62.6	2.6
Prices Received for Finished Goods	15.1	15.3	–0.2	Increasing	16	21.8	71.5	6.7
Wages and Benefits	14.2	22.5	–8.3	Increasing	96	18.1	78.0	3.9
Employment	6.3	16.7	–10.4	Increasing	11	19.3	67.7	13.0
Hours Worked	11.5	13.7	–2.2	Increasing	13	22.8	65.9	11.3
Capital Expenditures	15.8	13.3	+2.5	Increasing	15	22.1	71.6	6.3

General Business Conditions Current (versus previous month)
Indicator	Nov Index	Oct Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	18.5	25.8	–7.3	Improving	15	28.8	60.9	10.3
General Business Activity	19.4	27.6	–8.2	Improving	14	28.3	62.8	8.9

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Nov Index	Oct Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	46.1	46.0	+0.1	Increasing	105	51.7	42.7	5.6
Capacity Utilization	45.4	47.2	–1.8	Increasing	105	49.4	46.6	4.0
New Orders	48.9	45.3	+3.6	Increasing	105	53.2	42.5	4.3
Growth Rate of Orders	40.9	36.7	+4.2	Increasing	105	43.9	53.1	3.0
Unfilled Orders	14.2	10.1	+4.1	Increasing	26	21.7	70.8	7.5
Shipments	43.2	50.8	–7.6	Increasing	105	49.1	45.0	5.9
Delivery Time	3.8	0.5	+3.3	Increasing	12	14.5	74.8	10.7
Materials Inventories	13.2	3.7	+9.5	Increasing	12	24.0	65.2	10.8
Finished Goods Inventories	6.2	–0.9	+7.1	Increasing	1	20.6	64.9	14.4
Prices Paid for Raw Materials	48.4	36.5	+11.9	Increasing	104	51.5	45.4	3.1
Prices Received for Finished Goods	35.8	18.9	+16.9	Increasing	22	43.2	49.5	7.4
Wages and Benefits	46.6	36.9	+9.7	Increasing	162	49.0	48.6	2.4
Employment	29.8	34.2	–4.4	Increasing	60	40.5	48.8	10.7
Hours Worked	22.1	13.8	+8.3	Increasing	18	27.0	68.1	4.9
Capital Expenditures	34.1	30.2	+3.9	Increasing	96	41.5	51.1	7.4

General Business Conditions Future (six months ahead)
Indicator	Nov Index	Oct Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	40.8	39.0	+1.8	Improving	22	46.1	48.6	5.3
General Business Activity	39.0	38.5	+0.5	Improving	18	41.5	56.0	2.5

*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.