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- Dallas Fed Manufacturing Index drops to 9.0 in August
Dallas Fed Manufacturing Index drops to 9.0 in August
The Federal Reserve Bank of Dallas reported Monday its general business activity index for manufacturing in Texas fell to 9.00 in August from an unrevised 27.3 in July, pointing to a continuing expansion in Texas factory activity, albeit at the slowest pace since January.
According
to the report, the production index, a key measure of state manufacturing
conditions, came in at 20.8 in August, down 10.2 points from July, but remained
well above its average and continued to point to robust output growth. The new
orders index fell 11.2 points to 15.6, and the growth rate of orders index
decreased 15.1 points to 10.7. In addition, the shipments index plunged 16.4 points
to 15.2, while the capacity utilization index dropped 8.2 points to 21.7, but still
remained at elevated levels. Elsewhere, the employment index slipped 1.8 points
to 21.9. On the price front, the raw materials prices index rose 1.4 points to 74.9
and the finished goods prices index declined 2.8 points to 38.1. Meanwhile, the
wages and benefits index decreased 2.6 points to 43.4.
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