Texas Manufacturing Outlook Survey
August 26, 2019
Results Table
Business Indicators Relating to Facilities and Products in Texas Current (versus previous month) | ||||||||
Indicator | Aug Index | Jul Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 17.9 | 9.3 | +8.6 | 10.6 | 38(+) | 34.2 | 49.5 | 16.3 |
Capacity Utilization | 15.7 | 11.2 | +4.5 | 8.2 | 38(+) | 28.5 | 58.7 | 12.8 |
New Orders | 9.3 | 5.5 | +3.8 | 6.5 | 34(+) | 31.6 | 46.1 | 22.3 |
Growth Rate of Orders | 1.8 | 2.7 | –0.9 | 0.2 | 2(+) | 21.7 | 58.4 | 19.9 |
Unfilled Orders | –0.2 | –2.8 | +2.6 | –2.8 | 2(–) | 13.0 | 73.8 | 13.2 |
Shipments | 17.6 | 10.2 | +7.4 | 9.3 | 33(+) | 35.3 | 47.1 | 17.7 |
Delivery Time | 1.3 | –4.8 | +6.1 | –0.4 | 1(+) | 12.4 | 76.5 | 11.1 |
Finished Goods Inventories | –9.5 | –10.6 | +1.1 | –2.9 | 5(–) | 11.2 | 68.1 | 20.7 |
Prices Paid for Raw Materials | 9.8 | 17.0 | –7.2 | 24.8 | 41(+) | 21.3 | 67.2 | 11.5 |
Prices Received for Finished Goods | –2.6 | –1.7 | –0.9 | 6.5 | 2(–) | 9.7 | 78.0 | 12.3 |
Wages and Benefits | 27.3 | 20.1 | +7.2 | 18.8 | 121(+) | 28.6 | 70.1 | 1.3 |
Employment | 5.5 | 16.0 | –10.5 | 6.5 | 32(+) | 17.9 | 69.7 | 12.4 |
Hours Worked | 4.0 | 6.6 | –2.6 | 2.8 | 34(+) | 15.7 | 72.6 | 11.7 |
Capital Expenditures | 7.4 | 15.2 | –7.8 | 6.9 | 36(+) | 19.6 | 68.2 | 12.2 |
General Business Conditions Current (versus previous month) | ||||||||
Indicator | Aug Index | Jul Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | 5.0 | –0.9 | +5.9 | 7.3 | 1(+) | 24.8 | 55.4 | 19.8 |
General Business Activity | 2.7 | –6.3 | +9.0 | 3.0 | 1(+) | 21.9 | 58.9 | 19.2 |
Indicator | Aug Index | Jul Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 18.6 | 9.7 | +8.9 | 9.2 | 15(+) | 27.1 | 64.4 | 8.5 |
Business Indicators Relating to Facilities and Products in Texas Future (six months ahead) | ||||||||
Indicator | Aug Index | Jul Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 25.0 | 31.9 | –6.9 | 38.9 | 126(+) | 39.8 | 45.4 | 14.8 |
Capacity Utilization | 22.1 | 32.3 | –10.2 | 35.7 | 126(+) | 35.4 | 51.3 | 13.3 |
New Orders | 23.7 | 31.8 | –8.1 | 36.7 | 126(+) | 36.1 | 51.5 | 12.4 |
Growth Rate of Orders | 14.8 | 30.7 | –15.9 | 27.0 | 126(+) | 27.1 | 60.6 | 12.3 |
Unfilled Orders | 0.0 | 2.5 | –2.5 | 4.1 | 1() | 12.0 | 76.0 | 12.0 |
Shipments | 26.2 | 39.9 | –13.7 | 37.7 | 126(+) | 37.7 | 50.8 | 11.5 |
Delivery Time | 1.6 | –0.5 | +2.1 | –1.9 | 1(+) | 8.4 | 84.8 | 6.8 |
Finished Goods Inventories | –10.3 | 2.0 | –12.3 | –0.5 | 1(–) | 10.3 | 69.2 | 20.6 |
Prices Paid for Raw Materials | 11.8 | 23.5 | –11.7 | 34.2 | 125(+) | 24.5 | 62.7 | 12.7 |
Prices Received for Finished Goods | 9.1 | 14.7 | –5.6 | 19.8 | 43(+) | 19.1 | 70.9 | 10.0 |
Wages and Benefits | 35.2 | 44.5 | –9.3 | 38.3 | 183(+) | 38.7 | 57.8 | 3.5 |
Employment | 22.9 | 28.2 | –5.3 | 22.3 | 81(+) | 31.1 | 60.7 | 8.2 |
Hours Worked | 3.5 | 15.1 | –11.6 | 9.4 | 39(+) | 12.0 | 79.5 | 8.5 |
Capital Expenditures | 17.3 | 21.9 | –4.6 | 20.1 | 117(+) | 28.7 | 59.9 | 11.4 |
General Business Conditions Future (six months ahead) | ||||||||
Indicator | Aug Index | Jul Index | Change | Series Average | Trend** | % Reporting Increase | % Reporting No Change | % Reporting Worsened |
Company Outlook | 10.4 | 9.1 | +1.3 | 21.3 | 43(+) | 26.1 | 58.2 | 15.7 |
General Business Activity | 1.4 | 6.0 | –4.6 | 14.8 | 2(+) | 22.5 | 56.4 | 21.1 |
*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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