Surveys

Texas Manufacturing Outlook Survey

July 30, 2018

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	29.4	23.3	+6.1	Increasing	25	38.1	53.2	8.7
Capacity Utilization	25.0	21.7	+3.3	Increasing	25	33.9	57.2	8.9
New Orders	23.3	29.6	–6.3	Increasing	21	33.9	55.5	10.6
Growth Rate of Orders	17.0	22.2	–5.2	Increasing	19	26.7	63.6	9.7
Unfilled Orders	14.9	13.0	+1.9	Increasing	16	21.3	72.3	6.4
Shipments	30.8	25.5	+5.3	Increasing	20	39.1	52.6	8.3
Delivery Time	12.7	15.9	–3.2	Increasing	13	21.0	70.7	8.3
Finished Goods Inventories	–1.9	5.8	–7.7	Decreasing	1	12.0	74.1	13.9
Prices Paid for Raw Materials	48.6	53.6	–5.0	Increasing	29	51.7	45.2	3.1
Prices Received for Finished Goods	22.9	26.2	–3.3	Increasing	24	26.0	70.9	3.1
Wages and Benefits	32.4	31.4	+1.0	Increasing	108	33.2	66.0	0.8
Employment	28.9	23.9	+5.0	Increasing	19	35.7	57.5	6.8
Hours Worked	22.2	20.2	+2.0	Increasing	21	24.6	73.0	2.4
Capital Expenditures	26.6	23.8	+2.8	Increasing	23	30.7	65.2	4.1

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	20.4	33.2	–12.8	Improving	23	27.2	66.0	6.8
General Business Activity	32.3	36.5	–4.2	Improving	21	36.3	59.7	4.0


Indicator	Jul Index	Jun Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	17.0	7.9	+9.1	Increasing	2	24.5	67.9	7.5

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	50.6	47.9	+2.7	Increasing	113	56.5	37.6	5.9
Capacity Utilization	46.4	46.5	–0.1	Increasing	113	50.3	45.8	3.9
New Orders	50.6	47.0	+3.6	Increasing	113	53.2	44.2	2.6
Growth Rate of Orders	35.1	37.7	–2.6	Increasing	113	40.5	54.1	5.4
Unfilled Orders	12.4	24.5	–12.1	Increasing	34	23.4	65.5	11.0
Shipments	49.7	43.9	+5.8	Increasing	113	55.1	39.5	5.4
Delivery Time	4.3	6.8	–2.5	Increasing	20	16.4	71.5	12.1
Finished Goods Inventories	3.8	7.2	–3.4	Increasing	9	17.3	69.2	13.5
Prices Paid for Raw Materials	46.1	49.0	–2.9	Increasing	112	51.9	42.3	5.8
Prices Received for Finished Goods	26.6	28.1	–1.5	Increasing	30	31.4	63.8	4.8
Wages and Benefits	53.2	53.2	0.0	Increasing	170	54.5	44.2	1.3
Employment	39.9	39.8	+0.1	Increasing	68	43.5	52.9	3.6
Hours Worked	18.1	9.7	+8.4	Increasing	26	23.1	71.9	5.0
Capital Expenditures	31.9	33.9	–2.0	Increasing	104	37.1	57.7	5.2

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	37.2	38.7	–1.5	Improving	30	41.1	55.0	3.9
General Business Activity	36.2	35.9	+0.3	Improving	26	41.5	53.2	5.3

*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.