Dallas Fed manufacturing misses

The latest Dallas Fed manufacturing survey came in at -4.6, missing expectations.

Economists had estimated that the composite index climbed to -3.5 in July, after a print of -7 for June.

The gauge of manufacturing activity in the region includes a survey to assess business leaders’ outlook.

There was mention of a seasonal summer lull that one respondent found “very odd,” and others pointed to more specific factors that slowed down their businesses.

These included heavy rain in May, for a respondent in wood product manufacturing, which slowed down sales to single-family homebuilders.

In the wake of the oil crash, many respondents reported a hit to their businesses, directly or indirectly, and a respondent noted that the pain is still being felt.

Here’s the latest chart of the index, which has been on the decline this year but is gradually improving.

More to come …

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