By Joshua Kirby
Factory activity in Texas continued to contract in August as production weakened and firms remained hesitant about the outlook ahead.
The index for general business activity for August improved compared with the previous month but remained negative, standing at minus 17.2 from minus 20.0 in July, the latest Texas Manufacturing Outlook Survey showed Monday.
The Dallas Fed conducts the monthly survey, which asks Texas business executives about conditions in the industrial sector. Any level below zero describes a contraction in industry.
The production index declined sharply to minus 11.2, showing the steepest drop in output since May 2020.
Alongside production, most components of the index worsened in August, including capacity utilization, shipments and capital spending. New orders ticked up slightly compared with July, but remained negative.
Employment indicators suggest some cooling of the Texas labor market in August. The employment index fell below the long-term average at 4.3, while hours worked turned negative at minus 3.8, though the wages and benefits index rose above the long-term average.
Looking ahead, Texas firms remain uncertain about the outlook for activity, though the index rose at the slowest rate in more than two years, the Dallas Fed said.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
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August 28, 2023 at 09:52PM
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Texas Factory Activity Still Weak in August as Production Slumps - MarketWatch
"Factory" - Google News
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