Texas Manufacturing Outlook Survey
Results Table
Business Indicators Relating to Facilities and Products in Texas Current (versus previous month) | ||||||||
Indicator | May Index | Apr Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 18.8 | 10.8 | +8.0 | 11.0 | 24(+) | 33.8 | 51.2 | 15.0 |
Capacity Utilization | 19.8 | 14.3 | +5.5 | 8.8 | 24(+) | 32.1 | 55.6 | 12.3 |
New Orders | 3.2 | 12.1 | –8.9 | 7.0 | 24(+) | 27.8 | 47.6 | 24.6 |
Growth Rate of Orders | –5.3 | 13.0 | –18.3 | 0.9 | 1(–) | 23.2 | 48.3 | 28.5 |
Unfilled Orders | 4.1 | 10.5 | –6.4 | –1.4 | 23(+) | 18.4 | 67.3 | 14.3 |
Shipments | 13.1 | 11.8 | +1.3 | 9.7 | 24(+) | 29.0 | 55.1 | 15.9 |
Delivery Time | 4.3 | 21.2 | –16.9 | 1.3 | 23(+) | 18.6 | 67.1 | 14.3 |
Finished Goods Inventories | 9.2 | –3.3 | +12.5 | –3.4 | 1(+) | 23.0 | 63.2 | 13.8 |
Prices Paid for Raw Materials | 61.8 | 61.5 | +0.3 | 27.8 | 25(+) | 69.2 | 23.4 | 7.4 |
Prices Received for Finished Goods | 41.8 | 43.5 | –1.7 | 8.6 | 22(+) | 48.6 | 44.6 | 6.8 |
Wages and Benefits | 50.5 | 50.9 | –0.4 | 20.2 | 25(+) | 50.5 | 49.5 | 0.0 |
Employment | 20.9 | 24.6 | –3.7 | 7.7 | 23(+) | 31.4 | 58.1 | 10.5 |
Hours Worked | 7.4 | 11.3 | –3.9 | 3.7 | 23(+) | 17.8 | 71.8 | 10.4 |
Capital Expenditures | 9.2 | 19.0 | –9.8 | 6.9 | 22(+) | 18.5 | 72.2 | 9.3 |
General Business Conditions Current (versus previous month) | ||||||||
Indicator | May Index | Apr Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | –10.0 | –5.5 | –4.5 | 6.7 | 3(–) | 11.0 | 68.0 | 21.0 |
General Business Activity | –7.3 | 1.1 | –8.4 | 3.1 | 1(–) | 14.5 | 63.7 | 21.8 |
Indicator | May Index | Apr Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 26.5 | 29.8 | –3.3 | 14.9 | 13(+) | 34.5 | 57.5 | 8.0 |
Business Indicators Relating to Facilities and Products in Texas Future (six months ahead) | ||||||||
Indicator | May Index | Apr Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 19.9 | 34.7 | –14.8 | 38.6 | 25(+) | 33.5 | 52.9 | 13.6 |
Capacity Utilization | 22.7 | 33.0 | –10.3 | 35.4 | 25(+) | 33.0 | 56.7 | 10.3 |
New Orders | 16.6 | 16.2 | +0.4 | 36.1 | 25(+) | 27.5 | 61.6 | 10.9 |
Growth Rate of Orders | 13.3 | 12.1 | +1.2 | 26.9 | 25(+) | 24.5 | 64.2 | 11.2 |
Unfilled Orders | 1.6 | 4.3 | –2.7 | 3.8 | 3(+) | 14.8 | 72.0 | 13.2 |
Shipments | 20.3 | 28.2 | –7.9 | 37.0 | 25(+) | 35.4 | 49.6 | 15.1 |
Delivery Time | 1.8 | 1.5 | +0.3 | –1.1 | 9(+) | 19.9 | 62.0 | 18.1 |
Finished Goods Inventories | –1.2 | 9.1 | –10.3 | 0.5 | 1(–) | 18.1 | 62.7 | 19.3 |
Prices Paid for Raw Materials | 47.5 | 51.1 | –3.6 | 34.8 | 26(+) | 57.3 | 32.9 | 9.8 |
Prices Received for Finished Goods | 38.6 | 46.5 | –7.9 | 21.1 | 25(+) | 48.2 | 42.2 | 9.6 |
Wages and Benefits | 62.5 | 58.5 | +4.0 | 39.1 | 25(+) | 62.8 | 36.9 | 0.3 |
Employment | 32.3 | 38.7 | –6.4 | 23.4 | 24(+) | 36.3 | 59.7 | 4.0 |
Hours Worked | 9.0 | 13.8 | –4.8 | 9.5 | 25(+) | 17.3 | 74.4 | 8.3 |
Capital Expenditures | 21.1 | 21.8 | –0.7 | 20.1 | 24(+) | 32.9 | 55.3 | 11.8 |
General Business Conditions Future (six months ahead) | ||||||||
Indicator | May Index | Apr Index | Change | Series Average | Trend** | % Reporting Increase | % Reporting No Change | % Reporting Worsened |
Company Outlook | –4.9 | 7.6 | –12.5 | 20.4 | 1(–) | 16.0 | 63.1 | 20.9 |
General Business Activity | –6.5 | 1.8 | –8.3 | 14.6 | 1(–) | 18.5 | 56.5 | 25.0 |
*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.
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