Surveys

Texas Manufacturing Outlook Survey

November 25, 2019

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Nov Index	Oct Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	–2.4	4.5	–6.9	10.5	1(–)	26.0	45.7	28.4
Capacity Utilization	–5.3	3.6	–8.9	8.1	1(–)	22.0	50.7	27.3
New Orders	–3.0	–4.2	+1.2	6.4	2(–)	25.5	46.0	28.5
Growth Rate of Orders	–9.3	–5.9	–3.4	0.1	2(–)	17.9	54.9	27.2
Unfilled Orders	–7.7	–9.4	+1.7	–2.9	5(–)	12.8	66.7	20.5
Shipments	–4.5	6.0	–10.5	9.2	1(–)	23.9	47.7	28.4
Delivery Time	–4.6	–4.2	–0.4	–0.5	2(–)	9.0	77.4	13.6
Finished Goods Inventories	–10.6	–4.5	–6.1	–3.0	8(–)	14.2	61.1	24.8
Prices Paid for Raw Materials	17.8	22.8	–5.0	24.8	44(+)	25.9	66.0	8.1
Prices Received for Finished Goods	1.9	4.8	–2.9	6.5	3(+)	10.6	80.7	8.7
Wages and Benefits	21.1	22.2	–1.1	18.9	124(+)	21.5	78.1	0.4
Employment	0.9	11.0	–10.1	6.6	35(+)	18.2	64.5	17.3
Hours Worked	–4.3	4.7	–9.0	2.8	1(–)	17.3	61.1	21.6
Capital Expenditures	4.5	13.6	–9.1	7.0	39(+)	17.8	68.9	13.3

General Business Conditions Current (versus previous month)
Indicator	Nov Index	Oct Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–2.1	8.8	–10.9	7.3	1(–)	18.0	61.9	20.1
General Business Activity	–1.3	–5.1	+3.8	3.0	2(–)	16.5	65.7	17.8


Indicator	Nov Index	Oct Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	17.1	12.1	+5.0	9.8	18(+)	27.0	63.1	9.9

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Nov Index	Oct Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	31.3	29.6	+1.7	38.7	129(+)	41.8	47.8	10.5
Capacity Utilization	35.8	26.8	+9.0	35.5	129(+)	42.0	51.8	6.2
New Orders	28.7	34.3	–5.6	36.5	129(+)	39.6	49.5	10.9
Growth Rate of Orders	19.3	26.1	–6.8	26.9	129(+)	29.5	60.3	10.2
Unfilled Orders	5.7	2.6	+3.1	4.0	2(+)	12.2	81.3	6.5
Shipments	26.2	29.2	–3.0	37.5	129(+)	37.0	52.2	10.8
Delivery Time	2.7	2.5	+0.2	–1.9	2(+)	6.8	89.1	4.1
Finished Goods Inventories	–0.9	1.9	–2.8	–0.5	1(–)	14.2	70.8	15.1
Prices Paid for Raw Materials	25.9	18.8	+7.1	34.0	128(+)	31.5	63.0	5.6
Prices Received for Finished Goods	7.5	7.8	–0.3	19.7	46(+)	19.6	68.2	12.1
Wages and Benefits	36.5	39.0	–2.5	38.3	186(+)	37.5	61.5	1.0
Employment	20.6	23.6	–3.0	22.3	84(+)	31.6	57.4	11.0
Hours Worked	11.1	1.9	+9.2	9.4	42(+)	18.4	74.3	7.3
Capital Expenditures	9.8	22.9	–13.1	20.1	120(+)	22.0	65.8	12.2

General Business Conditions Future (six months ahead)
Indicator	Nov Index	Oct Index	Change	Series Average	Trend**	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	17.0	15.3	+1.7	21.1	46(+)	28.9	59.2	11.9
General Business Activity	7.3	2.4	+4.9	14.6	2(+)	22.6	62.1	15.3

*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.