Texas Manufacturing Outlook Survey
Results Table
Business Indicators Relating to Facilities and Products in Texas Current (versus previous month) | ||||||||
Indicator | Feb Index | Jan Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | –2.8 | 0.2 | –3.0 | 10.7 | 1(–) | 24.5 | 48.3 | 27.3 |
Capacity Utilization | –4.1 | 6.0 | –10.1 | 8.6 | 1(–) | 17.5 | 60.9 | 21.6 |
New Orders | –13.2 | –4.0 | –9.2 | 6.3 | 9(–) | 22.3 | 42.2 | 35.5 |
Growth Rate of Orders | –16.9 | –12.3 | –4.6 | 0.3 | 10(–) | 15.1 | 52.9 | 32.0 |
Unfilled Orders | –13.3 | –6.7 | –6.6 | –1.5 | 7(–) | 11.9 | 62.9 | 25.2 |
Shipments | –5.0 | –6.3 | +1.3 | 9.2 | 2(–) | 24.8 | 45.3 | 29.8 |
Delivery Time | 3.4 | –0.2 | +3.6 | 1.4 | 1(+) | 21.0 | 61.5 | 17.6 |
Finished Goods Inventories | –3.0 | –8.9 | +5.9 | –3.2 | 3(–) | 17.2 | 62.6 | 20.2 |
Prices Paid for Raw Materials | 25.1 | 20.5 | +4.6 | 28.0 | 34(+) | 33.0 | 59.1 | 7.9 |
Prices Received for Finished Goods | 15.8 | 9.9 | +5.9 | 9.0 | 31(+) | 22.4 | 71.0 | 6.6 |
Wages and Benefits | 32.7 | 30.5 | +2.2 | 20.9 | 34(+) | 34.4 | 63.9 | 1.7 |
Employment | –1.0 | 17.6 | –18.6 | 7.8 | 1(–) | 15.0 | 68.9 | 16.0 |
Hours Worked | 4.9 | 3.8 | +1.1 | 3.8 | 3(+) | 21.8 | 61.3 | 16.9 |
Capital Expenditures | –1.3 | 11.6 | –12.9 | 6.9 | 1(–) | 12.2 | 74.3 | 13.5 |
General Business Conditions Current (versus previous month) | ||||||||
Indicator | Feb Index | Jan Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | –17.5 | –2.5 | –15.0 | 5.9 | 12(–) | 11.1 | 60.3 | 28.6 |
General Business Activity | –13.5 | –8.4 | –5.1 | 2.3 | 10(–) | 11.7 | 63.1 | 25.2 |
Indicator | Feb Index | Jan Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 25.0 | 16.8 | +8.2 | 16.7 | 22(+) | 34.0 | 57.0 | 9.0 |
Business Indicators Relating to Facilities and Products in Texas Future (six months ahead) | ||||||||
Indicator | Feb Index | Jan Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Production | 21.3 | 16.1 | +5.2 | 37.6 | 34(+) | 37.6 | 46.1 | 16.3 |
Capacity Utilization | 15.2 | 19.2 | –4.0 | 34.5 | 34(+) | 29.5 | 56.2 | 14.3 |
New Orders | 10.2 | 14.8 | –4.6 | 35.0 | 4(+) | 26.4 | 57.4 | 16.2 |
Growth Rate of Orders | 0.7 | 8.7 | –8.0 | 26.0 | 8(+) | 18.9 | 62.9 | 18.2 |
Unfilled Orders | –4.7 | –4.1 | –0.6 | 3.3 | 9(–) | 8.0 | 79.3 | 12.7 |
Shipments | 18.0 | 15.5 | +2.5 | 35.9 | 34(+) | 33.5 | 51.0 | 15.5 |
Delivery Time | –9.8 | –12.4 | +2.6 | –1.4 | 4(–) | 8.1 | 74.0 | 17.9 |
Finished Goods Inventories | –1.0 | –1.1 | +0.1 | 0.4 | 5(–) | 16.0 | 67.0 | 17.0 |
Prices Paid for Raw Materials | 25.1 | 14.2 | +10.9 | 34.3 | 35(+) | 38.7 | 47.6 | 13.6 |
Prices Received for Finished Goods | 24.5 | 11.3 | +13.2 | 21.2 | 34(+) | 30.9 | 62.8 | 6.4 |
Wages and Benefits | 38.2 | 43.7 | –5.5 | 39.4 | 34(+) | 42.4 | 53.4 | 4.2 |
Employment | 23.6 | 20.4 | +3.2 | 23.3 | 33(+) | 36.3 | 51.0 | 12.7 |
Hours Worked | 4.7 | 5.4 | –0.7 | 9.3 | 6(+) | 17.6 | 69.5 | 12.9 |
Capital Expenditures | 10.0 | 14.9 | –4.9 | 19.8 | 33(+) | 26.1 | 57.8 | 16.1 |
General Business Conditions Future (six months ahead) | ||||||||
Indicator | Feb Index | Jan Index | Change | Series Average | Trend** | % Reporting Increase | % Reporting No Change | % Reporting Worsened |
Company Outlook | –0.4 | 6.0 | –6.4 | 19.3 | 1(–) | 20.7 | 58.2 | 21.1 |
General Business Activity | –2.9 | –9.1 | +6.2 | 13.4 | 10(–) | 18.0 | 61.1 | 20.9 |
*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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