Monday, July 25, 2011

Texas Manufacturing Activity Picks Up in July

by Bill McBride on 7/25/2011 10:30:00 AM

From the Dallas Fed: Texas Manufacturing Activity Picks Up

Texas factory activity expanded in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose from 5.6 to 10.8, suggesting output growth picked up this month.

The new orders index rose sharply from 6.4 in June to 16 in July. ... Labor market indicators reflected more hiring and longer workweeks. The employment index came in at 12.1, up from 5.3 in June. Twenty-two percent of manufacturers reported hiring new workers, the highest share this year. The hours worked index rose from 1.5 to 7.9.
There are two more regional manufacturing surveys that will be released this week (Richmond and Kansas City), and those surveys will probably show a slight improvement too.