Dallas Fed Manufacturing Index Improves but Services Index Generally Weaker

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The Texas manufacturing sector posted solid growth in August according to the results of the Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey. The top line production index increased six points m/m to 16.1, while the new orders index jumped to 22 in August from 5.4 in July. Capacity utilization and shipments also increased m/m. Additionally, the general business conditions index and the company specific outlook index both gained in the month. The only relatively weak area was employment, with the employment measure falling, while the hours worked index ticked up only slightly. However, all of the six-month forward expectations indexes, including the employment measures, were higher m/m.


The results from the Texas Service Sector Outlook Survey were a bit more muted. The top line revenue index fell in August to 6.6 from 9.5 in the prior month. Similar to the Manufacturing Survey, the employment and part-time employment indexes were lower m/m, but the hours worked index was slightly higher. The company specific outlook declined 7.4 points in August to 3.0 from 10.4, and the general business activity measure fell to 4.2 from 6.6. The six-month forward expectations indexes were essentially flat m/m.



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