by Bill McBride on 11/26/2012 10:30:00 AM
Monday, November 26, 2012
From the Dallas Fed: Growth Stalls and Company Outlook Worsens
Texas factory activity was little changed in November, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, came in at 1.7, indicating output barely increased from October.This was below expectations of a reading of 4.7 for the general business activity index. Later this week two more regional manufacturing surveys will be released (Richmond and Kansas City).
Other survey measures suggested flat manufacturing activity in November. The new orders index came in at 0.4, suggesting that demand was unchanged from October.
Perceptions of broader business conditions worsened in November. The general business activity index fell to -2.8, returning to negative territory. The company outlook index moved down to -4.8, registering its first negative reading since April.
Labor market indicators were mixed. The employment index edged up to 6.7 in November, with more than 20 percent of firms reporting hiring compared with 15 percent reporting layoffs. The hours worked index dipped from -5.9 to -7.1.
Posted by Bill McBride on 11/26/2012 10:30:00 AM