The Federal Reserve Bank of Dallas announced on Monday its general
business activity index for manufacturing in Texas fell to -23.4 in April from
an unrevised -15.7 in the previous month. That was the lowest
reading in nine months.
Economists had expected the indicator to rise to -14.6.
According to the survey’s details, the production index, a key gauge of
state manufacturing conditions, dropped 1.6 points to +0.9 this month, pointing
to a little change in output from last month. The employment measure fell 2.4 points to +8.0, suggesting moderate employment growth. Meanwhile, the new orders indicator climbed
4.7 points to -9.6 but remained in negative territory for the 11th straight
month and pointed to a continued decrease in demand. The measure of the growth
rate of orders jumped 4.1 points to -11.1, also remaining negative. The capacity utilization gauge increased 1.6 points to +3.9, holding in expansion
territory for the second straight month.
On the price front, the raw materials prices index decreased
0.8 points to 19.5, its lowest level since July 2020, while
the finished goods prices index increased 1.4 points to 8.4.