by Calculated Risk on 8/30/2010 10:33:00 AM

From the Dallas Fed: Texas Manufacturing Activity Still Weak

Texas factory activity was unchanged in August, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, came in at zero, posting a third consecutive month of little to no growth.

Most other indexes for current activity remained negative in August. The new orders index stayed at –9, implying incoming orders continue to fall. The capacity utilization and shipments indexes pushed deeper into negative territory, suggesting further contraction of business.
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The employment index turned negative for the first time in six months, largely due to the share of firms reporting layoffs rising from 15 percent in July to 23 percent in August, and hours worked contracted again.

This is the last of the regional Fed surveys for August, and they all showed manufacturing slowing or even contracting.

The national ISM manufacturing survey will be released on Wednesday.