Source: Federal Reserve Bank of Dallas
The production index gauging Texas manufacturing conditions remained on an above-average output growth level of 16.6, despite it being at the lowest in eight months. SPY is up +0.66%, DXY is down -0.35%.
- The state registered robust new orders, with the index holding steady at 20.0, while the growth rate of new orders hit an index of 12.6.
- The capacity utilization index was down 13 points to 12.0, while the shipments index shed 12 points to 8.6.
- Employment remained elevated, although the index fell to 27.7, with the hours worked index holding at 21.3.
- Prices and wages pressure remained strong, although the raw materials prices index fell by five points to 62.1. The finished goods prices index dropped five points to 37.1 as the wages and benefits gauge hit a series high of 49.6 from 46.5 in December.
- Business conditions optimism improved slightly, although the general activity index slowed by six points to 2.0. Uncertainty over outlook increased, with the index up to the highest since April 2020 of 30.8.
