Texas manufacturing output continued to rise at a solid pace in March as wage growth reached a new high.
- The production index remained steady at 13.2, signaling a slightly above-average output growth.
- Other indexes of manufacturing activity posted mixed movements but remained positive, indicating growth in factory activity in Texas.
- The index for new orders plunged from 23.1 to 10.5, its lowest level in more than one year, as the growth rate of orders remained unchanged at 13.7.
- The capacity utilization index increased by four points to 15.1 as the shipments index plummeted 17 points to 7.0.
- The sentiment of the wider business conditions was also mixed in March. The general business activity dropped five points to 8.7%. The uncertainty index rose from 17.0 to 20.5.
- The labor market index signaled robust employment growth and longer workweeks. The index of employment rose 7 points to a highly elevated score of 25.5.
The future outlook about the manufacturing activity slowed but remained positive. The future production index dropped slightly to 40.1 from 42.1.
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Source: Federal Reserve Bank of Dallas