Dallas Fed Manufacturing Index drops to 28.1 from 30.9 in September vs 31 expected
|"Texas factory activity continued to expand in September, according to business executives responding to the Texas Manufacturing Outlook Survey," the Federal Reserve Bank of Dallas reported on Monday and added: "The production index, a key measure of state manufacturing conditions, dipped six points to 23.3, indicating output growth continued but at a slower pace than last month."
Key takeaways from the press release
- The new orders index fell nine points to 14.7, its lowest reading in six months.
- Similarly, the growth rate of orders index slipped to 11.5, also a six-month low.
- The capacity utilization index retreated slightly to 21.6, while the shipments index fell five points to 20.8.
- The general business activity index edged down but remained highly elevated at 28.1.
- The relatively new index measuring uncertainty regarding companies’ outlooks moved up four points to a new high of 19.9.
- The employment index remained positive but dropped 11 points to 17.7.
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