Texas Manufacturing Outlook Survey
September 30, 2019
Results Table
Business Indicators Relating to Facilities and Products in Texas Current (versus previous month) | ||||||||
Indicator | Sep Index | Aug Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 13.9 | 17.9 | –4.0 | 10.6 | 39(+) | 32.6 | 48.7 | 18.7 |
Capacity Utilization | 12.0 | 15.7 | –3.7 | 8.2 | 39(+) | 31.3 | 49.4 | 19.3 |
New Orders | 7.1 | 9.3 | –2.2 | 6.5 | 35(+) | 30.2 | 46.7 | 23.1 |
Growth Rate of Orders | 4.4 | 1.8 | +2.6 | 0.2 | 3(+) | 25.1 | 54.2 | 20.7 |
Unfilled Orders | –2.0 | –0.2 | –1.8 | –2.8 | 3(–) | 13.7 | 70.6 | 15.7 |
Shipments | 14.7 | 17.6 | –2.9 | 9.3 | 34(+) | 33.6 | 47.5 | 18.9 |
Delivery Time | 2.3 | 1.3 | +1.0 | –0.4 | 2(+) | 13.6 | 75.1 | 11.3 |
Finished Goods Inventories | –6.2 | –9.5 | +3.3 | –3.0 | 6(–) | 18.6 | 56.6 | 24.8 |
Prices Paid for Raw Materials | 20.3 | 9.8 | +10.5 | 24.8 | 42(+) | 27.6 | 65.1 | 7.3 |
Prices Received for Finished Goods | 1.0 | –2.6 | +3.6 | 6.5 | 1(+) | 13.4 | 74.2 | 12.4 |
Wages and Benefits | 17.4 | 27.3 | –9.9 | 18.8 | 122(+) | 19.4 | 78.6 | 2.0 |
Employment | 18.8 | 5.5 | +13.3 | 6.6 | 33(+) | 26.6 | 65.6 | 7.8 |
Hours Worked | 5.7 | 4.0 | +1.7 | 2.8 | 35(+) | 19.5 | 66.7 | 13.8 |
Capital Expenditures | 11.1 | 7.4 | +3.7 | 7.0 | 37(+) | 21.5 | 68.1 | 10.4 |
General Business Conditions Current (versus previous month) | ||||||||
Indicator | Sep Index | Aug Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | 7.4 | 5.0 | +2.4 | 7.3 | 2(+) | 22.3 | 62.8 | 14.9 |
General Business Activity | 1.5 | 2.7 | –1.2 | 3.0 | 2(+) | 18.2 | 65.1 | 16.7 |
Indicator | Sep Index | Aug Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 13.3 | 18.6 | –5.3 | 9.4 | 16(+) | 25.7 | 61.9 | 12.4 |
Business Indicators Relating to Facilities and Products in Texas Future (six months ahead) | ||||||||
Indicator | Sep Index | Aug Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 25.4 | 25.0 | +0.4 | 38.8 | 127(+) | 40.1 | 45.3 | 14.7 |
Capacity Utilization | 20.7 | 22.1 | –1.4 | 35.6 | 127(+) | 35.9 | 49.0 | 15.2 |
New Orders | 23.9 | 23.7 | +0.2 | 36.6 | 127(+) | 36.2 | 51.5 | 12.3 |
Growth Rate of Orders | 18.8 | 14.8 | +4.0 | 27.0 | 127(+) | 31.3 | 56.2 | 12.5 |
Unfilled Orders | –6.2 | 0.0 | –6.2 | 4.0 | 1(–) | 9.6 | 74.6 | 15.8 |
Shipments | 18.4 | 26.2 | –7.8 | 37.6 | 127(+) | 32.9 | 52.6 | 14.5 |
Delivery Time | –1.1 | 1.6 | –2.7 | –1.9 | 1(–) | 8.5 | 81.9 | 9.6 |
Finished Goods Inventories | –8.6 | –10.3 | +1.7 | –0.5 | 2(–) | 11.4 | 68.6 | 20.0 |
Prices Paid for Raw Materials | 20.0 | 11.8 | +8.2 | 34.1 | 126(+) | 28.6 | 62.9 | 8.6 |
Prices Received for Finished Goods | 11.5 | 9.1 | +2.4 | 19.8 | 44(+) | 22.9 | 65.7 | 11.4 |
Wages and Benefits | 35.6 | 35.2 | +0.4 | 38.3 | 184(+) | 36.1 | 63.4 | 0.5 |
Employment | 15.9 | 22.9 | –7.0 | 22.3 | 82(+) | 26.7 | 62.5 | 10.8 |
Hours Worked | 0.7 | 3.5 | –2.8 | 9.4 | 40(+) | 11.8 | 77.1 | 11.1 |
Capital Expenditures | 23.3 | 17.3 | +6.0 | 20.2 | 118(+) | 33.2 | 56.9 | 9.9 |
General Business Conditions Future (six months ahead) | ||||||||
Indicator | Sep Index | Aug Index | Change | Series Average | Trend** | % Reporting Increase | % Reporting No Change | % Reporting Worsened |
Company Outlook | 2.4 | 10.4 | –8.0 | 21.2 | 44(+) | 26.4 | 49.6 | 24.0 |
General Business Activity | –6.8 | 1.4 | –8.2 | 14.7 | 1(–) | 20.7 | 51.8 | 27.5 |
*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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