Texas Manufacturing Outlook Survey
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 | 4.6 | 26.8 | –22.2 | 10.0 | 8(+) | 27.3 | 50.0 | 22.7 |
Capacity Utilization | 9.2 | 19.2 | –10.0 | 7.7 | 8(+) | 28.7 | 51.8 | 19.5 |
New Orders | 6.3 | 19.6 | –13.3 | 5.9 | 8(+) | 27.3 | 51.7 | 21.0 |
Growth Rate of Orders | 5.9 | 15.9 | –10.0 | –0.3 | 7(+) | 22.7 | 60.5 | 16.8 |
Unfilled Orders | 5.7 | 9.5 | –3.8 | –2.8 | 7(+) | 15.4 | 74.9 | 9.7 |
Shipments | 13.5 | 23.4 | –9.9 | 8.8 | 8(+) | 30.6 | 52.3 | 17.1 |
Delivery Time | 9.2 | 11.3 | –2.1 | –0.3 | 7(+) | 19.3 | 70.6 | 10.1 |
Finished Goods Inventories | –9.3 | –8.1 | –1.2 | –3.4 | 22(–) | 13.1 | 64.5 | 22.4 |
Prices Paid for Raw Materials | 55.0 | 50.8 | +4.2 | 24.3 | 9(+) | 57.3 | 40.4 | 2.3 |
Prices Received for Finished Goods | 13.9 | 19.0 | –5.1 | 6.0 | 6(+) | 20.4 | 73.1 | 6.5 |
Wages and Benefits | 17.6 | 19.6 | –2.0 | 18.4 | 9(+) | 18.4 | 80.8 | 0.8 |
Employment | 16.6 | 20.9 | –4.3 | 6.3 | 7(+) | 27.4 | 61.8 | 10.8 |
Hours Worked | 12.6 | 9.5 | +3.1 | 2.5 | 7(+) | 22.3 | 68.0 | 9.7 |
Capital Expenditures | 12.1 | 9.2 | +2.9 | 6.2 | 6(+) | 22.4 | 67.3 | 10.3 |
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 | 10.3 | 18.2 | –7.9 | 6.5 | 8(+) | 23.6 | 63.1 | 13.3 |
General Business Activity | 7.0 | 10.5 | –3.5 | 2.1 | 6(+) | 23.7 | 59.6 | 16.7 |
Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 19.3 | 13.4 | +5.9 | 13.1 | 32(+) | 29.4 | 60.6 | 10.1 |
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 | 43.7 | 47.3 | –3.6 | 38.3 | 9(+) | 52.9 | 37.9 | 9.2 |
Capacity Utilization | 44.2 | 42.8 | +1.4 | 35.1 | 9(+) | 51.6 | 41.0 | 7.4 |
New Orders | 40.1 | 38.1 | +2.0 | 36.0 | 9(+) | 50.2 | 39.6 | 10.1 |
Growth Rate of Orders | 29.8 | 34.9 | –5.1 | 26.7 | 9(+) | 40.3 | 49.2 | 10.5 |
Unfilled Orders | 4.0 | 10.1 | –6.1 | 3.9 | 8(+) | 15.1 | 73.8 | 11.1 |
Shipments | 40.9 | 41.4 | –0.5 | 36.8 | 9(+) | 51.8 | 37.3 | 10.9 |
Delivery Time | –0.3 | 2.4 | –2.7 | –1.6 | 1(–) | 14.4 | 70.9 | 14.7 |
Finished Goods Inventories | 4.0 | 19.8 | –15.8 | –0.3 | 3(+) | 16.0 | 72.0 | 12.0 |
Prices Paid for Raw Materials | 53.9 | 50.0 | +3.9 | 33.3 | 10(+) | 55.9 | 42.2 | 2.0 |
Prices Received for Finished Goods | 41.2 | 32.0 | +9.2 | 19.2 | 9(+) | 46.1 | 49.0 | 4.9 |
Wages and Benefits | 48.3 | 46.2 | +2.1 | 37.6 | 9(+) | 50.2 | 47.8 | 1.9 |
Employment | 31.9 | 33.4 | –1.5 | 21.9 | 8(+) | 43.0 | 45.9 | 11.1 |
Hours Worked | 17.2 | 15.1 | +2.1 | 9.3 | 9(+) | 25.1 | 67.0 | 7.9 |
Capital Expenditures | 26.2 | 28.6 | –2.4 | 19.6 | 8(+) | 34.3 | 57.6 | 8.1 |
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 | 27.7 | 24.7 | +3.0 | 20.5 | 8(+) | 36.4 | 55.0 | 8.7 |
General Business Activity | 29.6 | 17.8 | +11.8 | 14.1 | 8(+) | 40.4 | 48.8 | 10.8 |
*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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