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posted on 30 October 2017

October 2017 Texas Manufacturing Survey Significantly Improves

Of the five Federal Reserve districts which have released their October manufacturing surveys - all are in expansion. A complete summary follows.

Analyst Opinion of Dallas Fed Manufacturing Survey

This survey improved and remained well into positive territory with both new orders and unfilled orders improving.

Expectations from Bloomberg / Econoday was 16.7 to 22.0 (consensus 21.3), and the reported value was 25.6. From the Dallas Fed:

Texas factory activity expanded at a faster pace in October, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose six points to 25.6 and reached its highest reading since April 2014.

Other measures of current manufacturing activity also indicated a pickup in growth. The new orders index climbed six points to a 10-year high of 24.8, and the growth rate of orders index moved up to 12.3. The capacity utilization index also pushed to its highest level in a decade at 22.5. Meanwhile, the shipments index moved down several points but remained positive and at a well-above-average level of 20.9.

Perceptions of broader business conditions improved in October. The general business activity index increased to 27.6, its highest reading since 2006. The company outlook index posted its 14th consecutive positive reading, holding steady at an elevated 25.8.

Labor market measures suggested solid employment growth and longer workweeks this month. The employment index came in at 16.7, unchanged from September and still well above average. Less than 5 percent of firms noted net layoffs—something that has only been seen five other times since the start of the survey more than 13 years ago. The hours worked index moved down but remained positive at 13.7, indicating a continuing lengthening of workweeks.

Upward pressure on prices and wages continued in October. The raw materials prices and finished goods prices indexes edged down but remained elevated at 32.3 and 15.3, respectively. The wages and benefits index also moved down but remained relatively high, at 22.5.

Expectations regarding future business conditions remained highly optimistic. The index of future general business activity moved up four points to 38.5, while the index of future company outlook remained unchanged at 39.0. Other indexes of future manufacturing activity showed mixed movements but remained solidly in positive territory.

Source: Dallas Fed

Summary of all Federal Reserve Districts Manufacturing:

Richmond Fed (hyperlink to reports):

z richmond_man.PNG

Kansas Fed (hyperlink to reports):

z kansas_man.PNG

Dallas Fed (hyperlink to reports):

z dallas_man.PNG

Philly Fed (hyperlink to reports):

z philly fed1.PNG

New York Fed (hyperlink to reports):

z empire1.PNG

Federal Reserve Industrial Production - Actual Data (hyperlink to report):

Holding this and other survey's Econintersect follows accountable for their predictions, the following graph compares the hard data from Industrial Products manufacturing subindex (dark blue bar) and US Census manufacturing shipments (lighter blue bar) to the Dallas Fed survey (light blue bar).

Comparing Surveys to Hard Data:

z survey1.png

In the above graphic, hard data is the long bars, and surveys are the short bars. The arrows on the left side are the key to growth or contraction.



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