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TX Factory Activity Declines Again, But at Slower Pace
Texas factory activity declined again in May, though at a slower pace than in April, according to the Texas Manufacturing Outlook Survey, released Tuesday by the Federal Reserve Bank of Dallas.
The production index, a key measure of state manufacturing conditions, remained negative but improved from -55.6 to -28.0, suggesting the contraction in output has eased somewhat since last month.
Other measures of manufacturing activity pointed to a less-severe decline in May. The new orders index advanced 38 points to -30.6, its highest reading in three months, with more than 20% of manufacturers noting an increase in orders. Similarly, the growth rate of orders index pushed up more than 30 points to -30.8. The capacity utilization and shipments indexes also remained negative at -26.0 and -25.7, respectively, but were up from March and April.
Meanwhile, perceptions of broader business conditions remained negative but were somewhat less pessimistic in May.
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- ◦Economy
