Texas Manufacturing Outlook Survey
July 29, 2019
Results Table
Business Indicators Relating to Facilities and Products in Texas Current (versus previous month) | ||||||||
Indicator | Jul Index | Jun Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 9.3 | 8.9 | +0.4 | 10.5 | 37(+) | 30.2 | 48.9 | 20.9 |
Capacity Utilization | 11.2 | 9.6 | +1.6 | 8.2 | 37(+) | 30.4 | 50.4 | 19.2 |
New Orders | 5.5 | 3.7 | +1.8 | 6.5 | 33(+) | 28.6 | 48.3 | 23.1 |
Growth Rate of Orders | 2.7 | –6.7 | +9.4 | 0.1 | 1(+) | 23.0 | 56.7 | 20.3 |
Unfilled Orders | –2.8 | 3.4 | –6.2 | –2.8 | 1(–) | 11.8 | 73.6 | 14.6 |
Shipments | 10.2 | 1.7 | +8.5 | 9.2 | 32(+) | 30.4 | 49.5 | 20.2 |
Delivery Time | –4.8 | –0.3 | –4.5 | –0.5 | 2(–) | 9.4 | 76.4 | 14.2 |
Finished Goods Inventories | –10.6 | –6.1 | –4.5 | –2.9 | 4(–) | 7.7 | 74.0 | 18.3 |
Prices Paid for Raw Materials | 17.0 | 16.4 | +0.6 | 24.9 | 40(+) | 25.9 | 65.2 | 8.9 |
Prices Received for Finished Goods | –1.7 | 1.2 | –2.9 | 6.6 | 1(–) | 6.8 | 84.7 | 8.5 |
Wages and Benefits | 20.1 | 22.7 | –2.6 | 18.8 | 120(+) | 23.5 | 73.1 | 3.4 |
Employment | 16.0 | 8.8 | +7.2 | 6.5 | 31(+) | 24.4 | 67.2 | 8.4 |
Hours Worked | 6.6 | 4.7 | +1.9 | 2.8 | 33(+) | 20.0 | 66.6 | 13.4 |
Capital Expenditures | 15.2 | 6.9 | +8.3 | 6.9 | 35(+) | 20.6 | 74.0 | 5.4 |
General Business Conditions Current (versus previous month) | ||||||||
Indicator | Jul Index | Jun Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | –0.9 | –5.5 | +4.6 | 7.3 | 3(–) | 17.0 | 65.1 | 17.9 |
General Business Activity | –6.3 | –12.1 | +5.8 | 3.1 | 3(–) | 12.3 | 69.1 | 18.6 |
Indicator | Jul Index | Jun Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 9.7 | 21.6 | –11.9 | 8.7 | 14(+) | 19.4 | 70.9 | 9.7 |
Business Indicators Relating to Facilities and Products in Texas Future (six months ahead) | ||||||||
Indicator | Jul Index | Jun Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 31.9 | 25.2 | +6.7 | 39.0 | 125(+) | 44.8 | 42.3 | 12.9 |
Capacity Utilization | 32.3 | 25.9 | +6.4 | 35.8 | 125(+) | 42.7 | 46.8 | 10.4 |
New Orders | 31.8 | 22.3 | +9.5 | 36.7 | 125(+) | 42.0 | 47.8 | 10.2 |
Growth Rate of Orders | 30.7 | 17.2 | +13.5 | 27.1 | 125(+) | 38.9 | 52.9 | 8.2 |
Unfilled Orders | 2.5 | 2.1 | +0.4 | 4.1 | 46(+) | 11.7 | 79.1 | 9.2 |
Shipments | 39.9 | 28.4 | +11.5 | 37.8 | 125(+) | 46.0 | 47.9 | 6.1 |
Delivery Time | –0.5 | 8.7 | –9.2 | –2.0 | 1(–) | 10.1 | 79.3 | 10.6 |
Finished Goods Inventories | 2.0 | 4.8 | –2.8 | –0.4 | 2(+) | 16.3 | 69.4 | 14.3 |
Prices Paid for Raw Materials | 23.5 | 21.5 | +2.0 | 34.3 | 124(+) | 29.6 | 64.3 | 6.1 |
Prices Received for Finished Goods | 14.7 | 15.0 | –0.3 | 19.9 | 42(+) | 24.2 | 66.3 | 9.5 |
Wages and Benefits | 44.5 | 39.6 | +4.9 | 38.4 | 182(+) | 45.0 | 54.5 | 0.5 |
Employment | 28.2 | 20.2 | +8.0 | 22.3 | 80(+) | 36.9 | 54.4 | 8.7 |
Hours Worked | 15.1 | 8.2 | +6.9 | 9.5 | 38(+) | 19.7 | 75.7 | 4.6 |
Capital Expenditures | 21.9 | 22.5 | –0.6 | 20.2 | 116(+) | 28.8 | 64.3 | 6.9 |
General Business Conditions Future (six months ahead) | ||||||||
Indicator | Jul Index | Jun Index | Change | Series Average | Trend** | % Reporting Increase | % Reporting No Change | % Reporting Worsened |
Company Outlook | 9.1 | 3.6 | +5.5 | 21.3 | 42(+) | 24.5 | 60.1 | 15.4 |
General Business Activity | 6.0 | –2.7 | +8.7 | 14.9 | 1(+) | 22.2 | 61.6 | 16.2 |
*Shown is the number of consecutive months of expansion or contraction in the underlying indicator. Expansion is indicated by a positive index reading and denoted by a (+) in the table. Contraction is indicated by a negative index reading and denoted by a (–) in the table.
**Shown is the number of consecutive months of improvement or worsening in the underlying indicator. Improvement is indicated by a positive index reading and denoted by a (+) in the table. Worsening is indicated by a negative index reading and denoted by a (–) in the table.
†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.
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