Surveys

Texas Manufacturing Outlook Survey

November 29, 2021

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	27.4	18.3	+9.1	10.8	18(+)	38.2	51.0	10.8
Capacity Utilization	26.4	20.1	+6.3	8.6	18(+)	37.5	51.4	11.1
New Orders	19.6	14.9	+4.7	6.6	18(+)	32.7	54.2	13.1
Growth Rate of Orders	16.8	13.6	+3.2	0.6	17(+)	23.8	69.2	7.0
Unfilled Orders	17.4	20.9	–3.5	–1.7	17(+)	26.8	63.8	9.4
Shipments	24.3	13.8	+10.5	9.5	18(+)	35.8	52.7	11.5
Delivery Time	21.7	25.9	–4.2	0.8	17(+)	29.1	63.5	7.4
Finished Goods Inventories	3.2	–11.1	+14.3	–3.4	1(+)	18.1	67.0	14.9
Prices Paid for Raw Materials	82.1	76.3	+5.8	26.7	19(+)	83.6	14.9	1.5
Prices Received for Finished Goods	42.2	49.8	–7.6	7.6	16(+)	45.3	51.6	3.1
Wages and Benefits	47.6	44.1	+3.5	19.3	19(+)	47.7	52.2	0.1
Employment	28.5	28.3	+0.2	7.1	17(+)	33.0	62.5	4.5
Hours Worked	19.6	18.5	+1.1	3.4	17(+)	20.6	78.4	1.0
Capital Expenditures	10.5	15.6	–5.1	6.6	16(+)	21.2	68.1	10.7

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	1.3	2.4	–1.1	6.9	2(+)	19.6	62.1	18.3
General Business Activity	11.8	14.6	–2.8	3.0	16(+)	22.2	67.4	10.4

Indicator	Nov Index	Oct Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	27.7	29.0	–1.3	13.8	7(+)	36.2	55.3	8.5

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	51.7	46.8	+4.9	38.7	19(+)	56.9	37.9	5.2
Capacity Utilization	42.7	48.6	–5.9	35.5	19(+)	43.5	55.7	0.8
New Orders	41.4	39.3	+2.1	36.3	19(+)	45.8	49.9	4.4
Growth Rate of Orders	29.2	29.3	–0.1	27.0	19(+)	33.4	62.4	4.2
Unfilled Orders	–1.5	–0.1	–1.4	3.9	4(–)	14.0	70.5	15.5
Shipments	42.3	48.5	–6.2	37.1	19(+)	47.4	47.6	5.1
Delivery Time	1.8	5.8	–4.0	–1.3	10(+)	18.0	65.8	16.2
Finished Goods Inventories	8.2	6.7	+1.5	0.3	13(+)	19.8	68.6	11.6
Prices Paid for Raw Materials	56.4	48.9	+7.5	34.3	20(+)	62.1	32.2	5.7
Prices Received for Finished Goods	49.5	40.6	+8.9	20.4	19(+)	55.2	39.1	5.7
Wages and Benefits	62.8	60.3	+2.5	38.4	19(+)	63.0	36.8	0.2
Employment	36.6	35.1	+1.5	22.8	18(+)	40.6	55.4	4.0
Hours Worked	13.9	7.1	+6.8	9.5	19(+)	17.3	79.3	3.4
Capital Expenditures	31.8	24.9	+6.9	19.9	18(+)	36.3	59.2	4.5

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	17.3	14.1	+3.2	20.7	18(+)	33.1	51.1	15.8
General Business Activity	28.6	15.0	+13.6	14.8	18(+)	38.6	51.4	10.0

*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.