Surveys

Texas Manufacturing Outlook Survey

December 26, 2017

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Dec Index	Nov Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	32.8	15.1	+17.7	Increasing	18	41.8	49.2	9.0
Capacity Utilization	26.3	17.3	+9.0	Increasing	18	36.9	52.5	10.6
New Orders	30.1	20.0	+10.1	Increasing	14	40.0	50.1	9.9
Growth Rate of Orders	21.4	18.1	+3.3	Increasing	12	34.5	52.4	13.1
Unfilled Orders	9.2	11.4	–2.2	Increasing	12	19.1	71.0	9.9
Shipments	21.5	16.7	+4.8	Increasing	13	36.3	49.0	14.8
Delivery Time	8.0	4.8	+3.2	Increasing	6	16.3	75.4	8.3
Materials Inventories	12.7	6.8	+5.9	Increasing	6	24.5	63.7	11.8
Finished Goods Inventories	–2.0	0.0	–2.0	Decreasing	1	18.4	61.2	20.4
Prices Paid for Raw Materials	32.5	32.2	+0.3	Increasing	22	35.0	62.5	2.5
Prices Received for Finished Goods	17.9	15.1	+2.8	Increasing	17	24.0	69.9	6.1
Wages and Benefits	25.1	14.2	+10.9	Increasing	97	25.8	73.5	0.7
Employment	20.4	6.3	+14.1	Increasing	12	31.6	57.2	11.2
Hours Worked	23.3	11.5	+11.8	Increasing	14	30.0	63.3	6.7
Capital Expenditures	19.0	15.8	+3.2	Increasing	16	22.6	73.8	3.6

General Business Conditions Current (versus previous month)
Indicator	Dec Index	Nov Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	31.5	18.5	+13.0	Improving	16	39.0	53.5	7.5
General Business Activity	29.7	19.4	+10.3	Improving	15	38.4	52.9	8.7

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Dec Index	Nov Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	47.4	46.1	+1.3	Increasing	106	56.2	35.0	8.8
Capacity Utilization	39.9	45.4	–5.5	Increasing	106	48.9	42.1	9.0
New Orders	50.8	48.9	+1.9	Increasing	106	55.7	39.4	4.9
Growth Rate of Orders	40.1	40.9	–0.8	Increasing	106	43.6	52.9	3.5
Unfilled Orders	16.2	14.2	+2.0	Increasing	27	25.0	66.2	8.8
Shipments	46.9	43.2	+3.7	Increasing	106	54.6	37.7	7.7
Delivery Time	6.9	3.8	+3.1	Increasing	13	15.8	75.3	8.9
Materials Inventories	11.8	13.2	–1.4	Increasing	13	24.1	63.6	12.3
Finished Goods Inventories	12.4	6.2	+6.2	Increasing	2	22.7	67.0	10.3
Prices Paid for Raw Materials	52.1	48.4	+3.7	Increasing	105	53.1	45.8	1.0
Prices Received for Finished Goods	42.7	35.8	+6.9	Increasing	23	46.9	49.0	4.2
Wages and Benefits	44.2	46.6	–2.4	Increasing	163	45.7	52.8	1.5
Employment	36.6	29.8	+6.8	Increasing	61	44.5	47.6	7.9
Hours Worked	13.5	22.1	–8.6	Increasing	19	18.7	76.1	5.2
Capital Expenditures	43.2	34.1	+9.1	Increasing	97	49.5	44.2	6.3

General Business Conditions Future (six months ahead)
Indicator	Dec Index	Nov Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	40.1	40.8	–0.7	Improving	23	46.1	47.9	6.0
General Business Activity	40.9	39.0	+1.9	Improving	19	45.0	50.9	4.1

*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.