Surveys

Texas Manufacturing Outlook Survey

June 25, 2018

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Jun Index	May Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	23.3	35.2	–11.9	Increasing	24	38.4	46.6	15.1
Capacity Utilization	21.7	32.2	–10.5	Increasing	24	35.6	50.5	13.9
New Orders	29.6	27.7	+1.9	Increasing	20	44.0	41.5	14.4
Growth Rate of Orders	22.2	26.5	–4.3	Increasing	18	35.2	51.8	13.0
Unfilled Orders	13.0	4.1	+8.9	Increasing	15	25.5	62.0	12.5
Shipments	25.5	39.5	–14.0	Increasing	19	41.9	41.7	16.4
Delivery Time	15.9	10.2	+5.7	Increasing	12	23.4	69.1	7.5
Finished Goods Inventories	5.8	–6.6	+12.4	Increasing	1	22.1	61.5	16.3
Prices Paid for Raw Materials	53.6	44.0	+9.6	Increasing	28	54.1	45.4	0.5
Prices Received for Finished Goods	26.2	20.5	+5.7	Increasing	23	28.0	70.2	1.8
Wages and Benefits	31.4	24.3	+7.1	Increasing	107	32.5	66.4	1.1
Employment	23.9	23.4	+0.5	Increasing	18	30.9	62.1	7.0
Hours Worked	20.2	23.2	–3.0	Increasing	20	31.5	57.2	11.3
Capital Expenditures	23.8	21.7	+2.1	Increasing	22	29.5	64.8	5.7

General Business Conditions Current (versus previous month)
Indicator	Jun Index	May Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	33.2	28.0	+5.2	Improving	22	38.3	56.6	5.1
General Business Activity	36.5	26.8	+9.7	Improving	20	43.3	49.9	6.8


Indicator	Jun Index	May Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	7.9	–2.9	+10.8	Increasing	1	17.8	72.3	9.9

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Jun Index	May Index	Change	Indicator Direction	Trend* (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	47.9	58.0	–10.1	Increasing	112	52.0	43.9	4.1
Capacity Utilization	46.5	51.0	–4.5	Increasing	112	49.9	46.7	3.4
New Orders	47.0	48.5	–1.5	Increasing	112	50.2	46.6	3.2
Growth Rate of Orders	37.7	37.7	0.0	Increasing	112	42.0	53.7	4.3
Unfilled Orders	24.5	13.8	+10.7	Increasing	33	28.2	68.1	3.7
Shipments	43.9	49.2	–5.3	Increasing	112	47.3	49.2	3.4
Delivery Time	6.8	13.4	–6.6	Increasing	19	15.4	76.0	8.6
Finished Goods Inventories	7.2	11.9	–4.7	Increasing	8	17.5	72.2	10.3
Prices Paid for Raw Materials	49.0	51.9	–2.9	Increasing	111	51.0	46.9	2.0
Prices Received for Finished Goods	28.1	27.0	+1.1	Increasing	29	33.3	61.5	5.2
Wages and Benefits	53.2	50.6	+2.6	Increasing	169	54.6	44.0	1.4
Employment	39.8	37.6	+2.2	Increasing	67	43.5	52.8	3.7
Hours Worked	9.7	13.9	–4.2	Increasing	25	18.1	73.5	8.4
Capital Expenditures	33.9	32.2	+1.7	Increasing	103	42.8	48.3	8.9

General Business Conditions Future (six months ahead)
Indicator	Jun Index	May Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	38.7	35.2	+3.5	Improving	29	42.2	54.3	3.5
General Business Activity	35.9	30.0	+5.9	Improving	25	41.4	53.1	5.5

*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.

†Added to survey in January 2018.

Data have been seasonally adjusted as necessary, with the exception of the outlook uncertainty index, which does not yet have a sufficiently long time series to test for seasonality.

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