by Bill McBride on 8/27/2012 10:30:00 AM
Monday, August 27, 2012
From the Dallas Fed: Texas Manufacturing Growth Slows but Six-Month Expectations Improve
Texas factory activity increased but at a slower pace in August, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell from 12 to 6.4, suggesting softer output growth.This was above expectations of a -6.0 reading for the general business activity index.
The general business activity index remained negative but climbed nearly 12 points from -13.2 to -1.6.
Labor market indicators reflected stronger labor demand but unchanged workweeks. Employment growth picked up in August, with the index rising to 14.2, its highest reading in five months. Twenty-four percent of firms reported hiring new workers, while 10 percent reported layoffs. The hours worked index was near zero, suggesting little change in workweek length.
So far all of regional manufacturing surveys have been weak in August.
Posted by Bill McBride on 8/27/2012 10:30:00 AM