Surveys

Texas Manufacturing Outlook Survey

May 28, 2019

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	May Index	Apr Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	6.3	12.4	–6.1	Increasing	35	22.8	60.7	16.5
Capacity Utilization	7.7	15.6	–7.9	Increasing	35	22.0	63.6	14.3
New Orders	2.4	9.8	–7.4	Increasing	31	23.6	55.2	21.2
Growth Rate of Orders	1.1	5.2	–4.1	Increasing	2	19.6	61.9	18.5
Unfilled Orders	–1.6	–0.4	–1.2	Decreasing	6	16.3	65.8	17.9
Shipments	7.6	6.3	+1.3	Increasing	30	25.2	57.2	17.6
Delivery Time	6.5	1.6	+4.9	Increasing	3	14.4	77.7	7.9
Finished Goods Inventories	–6.2	–5.7	–0.5	Decreasing	2	15.9	61.9	22.1
Prices Paid for Raw Materials	7.4	7.9	–0.5	Increasing	38	16.9	73.6	9.5
Prices Received for Finished Goods	0.7	6.0	–5.3	Increasing	34	13.2	74.3	12.5
Wages and Benefits	27.6	28.2	–0.6	Increasing	118	29.3	69.0	1.7
Employment	11.6	4.6	+7.0	Increasing	29	20.9	69.8	9.3
Hours Worked	6.4	8.1	–1.7	Increasing	31	19.9	66.6	13.5
Capital Expenditures	18.3	18.9	–0.6	Increasing	33	24.8	68.7	6.5

General Business Conditions Current (versus previous month)
Indicator	May Index	Apr Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–1.7	6.3	–8.0	Worsening	1	17.1	64.1	18.8
General Business Activity	–5.3	2.0	–7.3	Worsening	1	14.0	66.7	19.3


Indicator	May Index	Apr Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	16.1	6.8	+9.3	Increasing	12	27.7	60.7	11.6

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	May Index	Apr Index	Change	Indicator Direction	Trend* (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	36.5	41.3	–4.8	Increasing	123	48.4	39.6	11.9
Capacity Utilization	34.8	40.6	–5.8	Increasing	123	44.3	46.2	9.5
New Orders	35.2	35.9	–0.7	Increasing	123	47.0	41.2	11.8
Growth Rate of Orders	25.3	27.5	–2.2	Increasing	123	36.4	52.5	11.1
Unfilled Orders	2.0	10.0	–8.0	Increasing	44	14.1	73.8	12.1
Shipments	32.2	35.5	–3.3	Increasing	123	46.6	38.9	14.4
Delivery Time	1.2	1.8	–0.6	Increasing	30	13.8	73.6	12.6
Finished Goods Inventories	–11.5	–4.1	–7.4	Decreasing	2	11.4	65.7	22.9
Prices Paid for Raw Materials	28.9	14.0	+14.9	Increasing	122	35.6	57.7	6.7
Prices Received for Finished Goods	6.7	8.0	–1.3	Increasing	40	20.0	66.7	13.3
Wages and Benefits	32.8	38.8	–6.0	Increasing	180	38.7	55.4	5.9
Employment	28.9	33.4	–4.5	Increasing	78	37.9	53.1	9.0
Hours Worked	2.8	9.0	–6.2	Increasing	36	12.7	77.4	9.9
Capital Expenditures	22.8	26.2	–3.4	Increasing	114	30.4	62.0	7.6

General Business Conditions Future (six months ahead)
Indicator	May Index	Apr Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	11.5	20.9	–9.4	Improving	40	27.8	55.9	16.3
General Business Activity	9.1	18.4	–9.3	Improving	36	23.6	62.0	14.5

*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.