Texas Manufacturing Outlook Survey
January 27, 2019
Results Table
Business Indicators Relating to Facilities and Products in Texas Current (versus previous month) | ||||||||
Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 10.5 | 3.6 | +6.9 | 10.4 | 2(+) | 27.3 | 55.9 | 16.8 |
Capacity Utilization | 11.5 | 7.8 | +3.7 | 8.1 | 2(+) | 25.5 | 60.5 | 14.0 |
New Orders | 17.6 | 1.6 | +16.0 | 6.4 | 2(+) | 30.8 | 56.0 | 13.2 |
Growth Rate of Orders | 6.1 | –5.0 | +11.1 | 0.1 | 1(+) | 23.2 | 59.7 | 17.1 |
Unfilled Orders | –3.6 | –5.4 | +1.8 | –2.9 | 7(–) | 9.7 | 77.0 | 13.3 |
Shipments | 8.6 | 3.0 | +5.6 | 9.2 | 2(+) | 24.9 | 58.8 | 16.3 |
Delivery Time | –3.0 | –7.0 | +4.0 | –0.5 | 4(–) | 5.1 | 86.8 | 8.1 |
Finished Goods Inventories | –3.5 | –12.3 | +8.8 | –3.1 | 10(–) | 11.5 | 73.5 | 15.0 |
Prices Paid for Raw Materials | 9.5 | 14.5 | –5.0 | 24.6 | 46(+) | 15.8 | 77.9 | 6.3 |
Prices Received for Finished Goods | –1.9 | 0.7 | –2.6 | 6.4 | 1(–) | 9.7 | 78.7 | 11.6 |
Wages and Benefits | 16.3 | 14.6 | +1.7 | 18.8 | 126(+) | 17.6 | 81.1 | 1.3 |
Employment | 1.9 | 6.2 | –4.3 | 6.6 | 37(+) | 16.3 | 69.3 | 14.4 |
Hours Worked | –0.2 | 2.6 | –2.8 | 2.8 | 1(–) | 14.0 | 71.8 | 14.2 |
Capital Expenditures | 9.1 | 15.3 | –6.2 | 7.0 | 41(+) | 20.7 | 67.7 | 11.6 |
General Business Conditions Current (versus previous month) | ||||||||
Indicator | Jan Index | Dec Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | 1.9 | 1.3 | +0.6 | 7.2 | 2(+) | 12.1 | 77.7 | 10.2 |
General Business Activity | –0.2 | –3.2 | +3.0 | 2.9 | 4(–) | 12.5 | 74.8 | 12.7 |
Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 2.7 | 5.6 | –2.9 | 9.4 | 20(+) | 13.3 | 76.1 | 10.6 |
Business Indicators Relating to Facilities and Products in Texas Future (six months ahead) | ||||||||
Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 38.9 | 36.9 | +2.0 | 38.7 | 131(+) | 45.7 | 47.5 | 6.8 |
Capacity Utilization | 37.4 | 35.8 | +1.6 | 35.6 | 131(+) | 43.7 | 50.0 | 6.3 |
New Orders | 40.1 | 32.6 | +7.5 | 36.5 | 131(+) | 47.7 | 44.7 | 7.6 |
Growth Rate of Orders | 27.0 | 26.8 | +0.2 | 26.9 | 131(+) | 34.4 | 58.2 | 7.4 |
Unfilled Orders | 8.3 | 0.0 | +8.3 | 4.0 | 1(+) | 15.1 | 78.1 | 6.8 |
Shipments | 38.3 | 30.1 | +8.2 | 37.5 | 131(+) | 45.4 | 47.6 | 7.1 |
Delivery Time | 5.8 | 4.1 | +1.7 | –1.8 | 4(+) | 11.6 | 82.6 | 5.8 |
Finished Goods Inventories | 0.9 | 8.0 | –7.1 | –0.5 | 2(+) | 15.7 | 69.4 | 14.8 |
Prices Paid for Raw Materials | 20.2 | 14.1 | +6.1 | 33.8 | 130(+) | 25.7 | 68.8 | 5.5 |
Prices Received for Finished Goods | 10.0 | 10.2 | –0.2 | 19.6 | 48(+) | 19.1 | 71.8 | 9.1 |
Wages and Benefits | 42.4 | 28.4 | +14.0 | 38.3 | 188(+) | 44.1 | 54.2 | 1.7 |
Employment | 25.3 | 17.8 | +7.5 | 22.3 | 86(+) | 37.4 | 50.5 | 12.1 |
Hours Worked | 14.2 | 9.6 | +4.6 | 9.4 | 44(+) | 20.6 | 73.0 | 6.4 |
Capital Expenditures | 28.3 | 20.1 | +8.2 | 20.2 | 122(+) | 34.5 | 59.3 | 6.2 |
General Business Conditions Future (six months ahead) | ||||||||
Indicator | Jan Index | Dec Index | Change | Series Average | Trend** | % Reporting Increase | % Reporting No Change | % Reporting Worsened |
Company Outlook | 15.6 | 13.9 | +1.7 | 21.1 | 48(+) | 23.9 | 67.8 | 8.3 |
General Business Activity | 7.6 | 6.4 | +1.2 | 14.5 | 4(+) | 17.9 | 71.8 | 10.3 |
*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.
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