Each month the Dallas Federal Reserve conducts a monthly survey of manufacturers in Texas regarding their operations in the state. These participants from across the state represent a variety of industries.
The Dallas Fed rounded out a full run of negative indications in the September factory sector with the general activity index remaining in deeply negative ground at -9.5. This came in just below the consensus estimate of -9.0. The previous reading was even more negative at -15.8 in August.
A reading below zero indicates contracting activity while those in positive territory denote expansion.
New orders came in at -4.6, which is an eight-point improvement from August. Production was on the positive side at 0.9.
Other readings from the survey include a decline in the workweek and the fifth straight contraction for employment. Price readings show a slight change for inputs but, like other reports, contraction for finished prices.
The Texas economy has been depressed all year by the energy sector and falling oil prices, while the nation’s factory sector continues getting hurt by weak foreign demand and strength in the dollar.
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