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Monday, July 22, 2024
HomeNewsEconomyTexas Manufacturing Survey Contracts, Indicators Lowest Since Great Recession

Texas Manufacturing Survey Contracts, Indicators Lowest Since Great Recession

Manufacturing Export Wooden Crate, reading Made in Texas. 3D Illustration. (Photo: AdobeStock)

General Business Activity and Company Outlook Lowest on Record

Dallas (PPD) — The Texas Manufacturing Outlook Survey’s production index plummeted from 16.4 to -35.3, with most components falling to the lowest levels since the Great Recession. The monthly survey from the Federal Reserve Bank of Dallas does not have a consensus forecast.

The new orders index also plummeted to -41.3, the lowest reading since March 2009 during the Great Recession. The growth rate of orders index fell to -44.9.

The capacity utilization and shipments indexes tanked to -33.4 and -33.8, respectively, also the lowest readings since the Great Recession. Capital expenditures declined precipitously from 6.9 to -34.3.

Worth still, views of broader business conditions turned negative in March. The general business activity index plunged from 1.2 to -70.0, and the company outlook index fell from 3.6 to -65.6. Both March readings are the lowest since the survey began in June 2004. The index measuring uncertainty regarding companies’ outlooks surged from 11.0 to 62.6.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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