Surveys

Texas Manufacturing Outlook Survey

June 24, 2019

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	8.9	6.3	+2.6	Increasing	36	27.3	54.3	18.4
Capacity Utilization	9.6	7.7	+1.9	Increasing	36	26.9	55.8	17.3
New Orders	3.7	2.4	+1.3	Increasing	32	25.8	52.1	22.1
Growth Rate of Orders	–6.7	1.1	–7.8	Decreasing	1	17.8	57.7	24.5
Unfilled Orders	3.4	–1.6	+5.0	Increasing	1	16.6	70.2	13.2
Shipments	1.7	7.6	–5.9	Increasing	31	24.1	53.5	22.4
Delivery Time	–0.3	6.5	–6.8	Decreasing	1	10.8	78.1	11.1
Finished Goods Inventories	–6.1	–6.2	+0.1	Decreasing	3	12.2	69.6	18.3
Prices Paid for Raw Materials	16.4	7.4	+9.0	Increasing	39	27.2	62.0	10.8
Prices Received for Finished Goods	1.2	0.7	+0.5	Increasing	35	13.2	74.8	12.0
Wages and Benefits	22.7	27.6	–4.9	Increasing	119	24.3	74.1	1.6
Employment	8.8	11.6	–2.8	Increasing	30	18.8	71.2	10.0
Hours Worked	4.7	6.4	–1.7	Increasing	32	17.4	69.9	12.7
Capital Expenditures	6.9	18.3	–11.4	Increasing	34	19.1	68.7	12.2

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	–5.5	–1.7	–3.8	Worsening	2	18.0	58.5	23.5
General Business Activity	–12.1	–5.3	–6.8	Worsening	2	13.7	60.5	25.8


Indicator	Jun Index	May Index	Change	Indicator Direction*	Trend** (Months)	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	21.6	16.1	+5.5	Increasing	13	32.8	56.0	11.2

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	25.2	36.5	–11.3	Increasing	124	42.8	39.5	17.6
Capacity Utilization	25.9	34.8	–8.9	Increasing	124	40.3	45.3	14.4
New Orders	22.3	35.2	–12.9	Increasing	124	38.6	45.1	16.3
Growth Rate of Orders	17.2	25.3	–8.1	Increasing	124	32.8	51.6	15.6
Unfilled Orders	2.1	2.0	+0.1	Increasing	45	12.7	76.7	10.6
Shipments	28.4	32.2	–3.8	Increasing	124	41.2	46.0	12.8
Delivery Time	8.7	1.2	+7.5	Increasing	31	15.0	78.7	6.3
Finished Goods Inventories	4.8	–11.5	+16.3	Increasing	1	14.2	76.4	9.4
Prices Paid for Raw Materials	21.5	28.9	–7.4	Increasing	123	28.0	65.4	6.5
Prices Received for Finished Goods	15.0	6.7	+8.3	Increasing	41	27.1	60.7	12.1
Wages and Benefits	39.6	32.8	+6.8	Increasing	181	40.9	57.8	1.3
Employment	20.2	28.9	–8.7	Increasing	79	29.7	60.8	9.5
Hours Worked	8.2	2.8	+5.4	Increasing	37	17.5	73.2	9.3
Capital Expenditures	22.5	22.8	–0.3	Increasing	115	31.1	60.3	8.6

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	3.6	11.5	–7.9	Improving	41	24.6	54.4	21.0
General Business Activity	–2.7	9.1	–11.8	Worsening	1	19.5	58.3	22.2

*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.