The Federal Reserve Bank of Dallas announced on Monday its general business activity index for manufacturing in Texas fell to 11.8 in November from an unrevised 14.6 in October, pointing to continuing growth in Texas factory activity, albeit at a slower pace than in the previous month.
According to the latest survey, the production index, a key gauge of state manufacturing conditions, came in at 27.4 in November, up 9.1 points from October, being well above its average and pointing to solid output growth. In addition, the shipments measure jumped 10.5 points to 24.3, its highest level since July, while the capacity utilization index soared 6.3 points to 26.4. Elsewhere, the new orders index rose 4.7 points to 19.6, and the growth rate of orders indicator increased 3.2 points to 16.8. The employment gauge edged up 0.2 points to 28.5, reaching its seven-month high. On the price front, the raw materials prices index surged 5.8 points to 82.1, hitting a fresh series high, while the finished goods prices index dropped 7.6 points to 42.2, stepping back from its October’s high.