The final number of -17.5 is WAY worse than the anticipated -3.2 reading, and well below the -7.4 it printed at last time.
The number of employees part fell to 5.3 from 11.6 last time.
The prices paid index, meanwhile, remains at a sky high 45.1.
Here’s the key summary from the Dallas Fed. What’s interesting is that production expanded, while perception of general business activity really plunged.
Texas factory activity expanded in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, remained positive but fell from 12.7 to 5.6, suggesting output growth slowed this month.
Other measures of current manufacturing conditions indicated flat activity, while new orders picked up. The capacity utilization index slipped into negative territory but was near a reading of zero, suggesting little change over the prior month. Similarly, the shipments index fell to zero with about 60 per cent of manufacturers noting no change in shipment volumes. The new orders index rose from 1.1 in May to 6.4 in June, its eighth consecutive month in positive territory. Nearly one-quarter of firms said order volumes increased from May levels. The growth rate of orders index turned positive after dipping into negative territory last month.
Perceptions of general business conditions were mixed in June. The general business activity index pushed further negative, falling from –7.4 to –17.5. 20-eight per cent of respondents said activity weakened this month, the highest share in nine months. However, the company outlook index rose from 3.2 to 7.2, suggesting manufacturers were more optimistic about their firms’ prospects for the near future. More than 85 per cent of respondents said their outlooks were unchanged or improved from last month.
Background: It’s been one weak regional Fed survey after another, and today’s is not expected to be different. Headline estimate is for a print of -3.2 vs. -7.4 last time.
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