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- Dallas Fed Manufacturing Index hits new historical low in April
Dallas Fed Manufacturing Index hits new historical low in April
The Federal Reserve Bank of Dallas reported its general business activity index for manufacturing in Texas tumbled to -73.7 in April from an unrevised - 70.0 in March, hitting a new historical low.
According to the report, the production index, a key measure of state manufacturing conditions fell from -35.3 to -55.3, suggesting the contraction in output has steepened since last month. The new orders index dropped 26 points to -67.0, its lowest reading since the survey began in 2004. Elsewhere, the orders index, capacity utilization and shipments indexes fell to -62.2, -54.5 and -56.6, respectively, recording their historical lows. At the same time, the employment index held steady at -21.2, while the company outlook index remained near an all-time low but inched up from -65.6 to -62.6.
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