Photo: Flickr / doug_wertman
UPDATE:Manufacturing conditions in the Southwest weakened for the second consecutive month this May even as the six-month outlook brightened, new data out of the Federal Reserve Bank of Dallas shows.
The key general activity index declined to -5.1 from -3.4 a month earlier. A reading below zero indicated contraction. At the same time, company outlooks turned sharply positive, increasing 9.2 points to 4.7.
Production in the eleventh federal district was flat at 5.5 “suggesting growth continued at about the same pace as last month,” the Fed said.
Employment in the region remained mostly stable, with demand for new employees falling 3.3 points to 8.5. The workweek also shortened, with the hours worked index edging up to -2.2.
From the report:
Photo: Federal Reserve Bank of Dallas
The final regional Federal Reserve report before this week’s Non-Farm Payrolls reading is minutes away, with expectations for a return to growth after unexpected contraction.
The manufacturing report out of the Federal Reserve Bank of Dallas is forecast to increase to 3.0 in May from -3.4 in April.
The eleventh district includes activity in Texas, northern Louisiana, and southern New Mexico.
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