Surveys

Texas Manufacturing Outlook Survey

December 26, 2023

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Dec Index	Nov Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	1.4	–7.2	+8.6	10.2	1(+)	30.3	40.9	28.9
Capacity Utilization	1.3	–10.1	+11.4	8.2	1(+)	28.8	43.8	27.5
New Orders	–10.9	–20.5	+9.6	5.4	19(–)	27.6	33.9	38.5
Growth Rate of Orders	–22.2	–25.4	+3.2	–0.4	20(–)	19.3	39.2	41.5
Unfilled Orders	–9.7	–18.1	+8.4	–1.9	3(–)	9.9	70.5	19.6
Shipments	–5.3	–9.5	+4.2	8.6	12(–)	30.7	33.2	36.0
Delivery Time	–2.8	–8.1	+5.3	1.1	9(–)	9.4	78.4	12.2
Finished Goods Inventories	–5.4	–2.2	–3.2	–3.2	7(–)	18.5	57.6	23.9
Prices Paid for Raw Materials	17.8	12.6	+5.2	27.4	44(+)	26.4	65.0	8.6
Prices Received for Finished Goods	6.8	–6.2	+13.0	8.7	1(+)	14.6	77.6	7.8
Wages and Benefits	25.5	20.0	+5.5	21.2	44(+)	27.6	70.3	2.1
Employment	–1.6	5.0	–6.6	7.8	1(–)	16.3	65.8	17.9
Hours Worked	0.3	–5.5	+5.8	3.6	1(+)	17.3	65.7	17.0
Capital Expenditures	3.0	4.2	–1.2	6.6	3(+)	19.0	64.9	16.0

General Business Conditions Current (versus previous month)
Indicator	Dec Index	Nov Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–11.0	–18.8	+7.8	5.0	22(–)	14.8	59.4	25.8
General Business Activity	–9.3	–19.9	+10.6	1.3	20(–)	15.9	58.9	25.2

Indicator	Dec Index	Nov Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty	18.3	20.3	–2.0	17.1	32(+)	26.9	64.5	8.6

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Dec Index	Nov Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Production	12.4	13.7	–1.3	36.6	44(+)	31.1	50.2	18.7
Capacity Utilization	12.5	12.7	–0.2	33.5	44(+)	29.2	54.1	16.7
New Orders	13.6	8.4	+5.2	33.9	14(+)	31.4	50.8	17.8
Growth Rate of Orders	5.6	6.8	–1.2	25.1	7(+)	23.3	59.0	17.7
Unfilled Orders	–6.6	–6.3	–0.3	2.9	2(–)	6.3	80.8	12.9
Shipments	14.0	19.2	–5.2	35.0	44(+)	31.8	50.4	17.8
Delivery Time	–0.8	–4.0	+3.2	–1.5	9(–)	6.3	86.6	7.1
Finished Goods Inventories	–3.4	–10.3	+6.9	0.0	8(–)	14.4	67.8	17.8
Prices Paid for Raw Materials	25.7	27.9	–2.2	33.6	45(+)	33.1	59.5	7.4
Prices Received for Finished Goods	27.0	24.2	+2.8	20.8	44(+)	31.5	64.0	4.5
Wages and Benefits	34.5	38.9	–4.4	39.4	44(+)	36.0	62.5	1.5
Employment	8.0	12.0	–4.0	23.0	43(+)	19.8	68.4	11.8
Hours Worked	4.3	–0.1	+4.4	8.9	1(+)	13.8	76.7	9.5
Capital Expenditures	10.8	12.9	–2.1	19.5	43(+)	24.4	62.0	13.6

General Business Conditions Future (six months ahead)
Indicator	Dec Index	Nov Index	Change	Series Average	Trend**	% Reporting Increase	% Reporting No Change	% Reporting Worsened
Company Outlook	1.4	–7.4	+8.8	18.4	1(+)	19.4	62.6	18.0
General Business Activity	–8.7	–13.4	+4.7	12.5	5(–)	13.3	64.7	22.0

*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.

Data have been seasonally adjusted as necessary.

Questions regarding the Texas Manufacturing Outlook Survey can be addressed to Emily Kerr at emily.kerr@dal.frb.org.