“The general business activity index plummeted 23 points to -5.1, hitting its lowest level since mid-2016,” the Federal Reserve Bank of Dallas said in its latest Texas Manufacturing Outlook Survey.
Key takeaways from the press release
The production index, a key measure of state manufacturing conditions, inched down one point to 7.3.
The capacity utilization index fell from 9.4 to 7.6, and the shipments index dipped to 6.1.
Meanwhile, the new orders index moved up five points to 14.4, and the growth rate of new orders index edged up to 5.8.
The employment index retreated five points to 11.0, a level still above average.
Twenty-two percent of firms noted net hiring, compared with 11 percent noting net layoffs. The hours worked index held steady at 5.0.