“Texas manufacturing activity continued to decline in October,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas and released yesterday.
“Most indicators of current production and general business conditions remained weak. Nearly all indexes for future activity dipped considerably, and several manufacturers noted that the credit crisis had dampened their outlook,” the Fed said.
The general business conditions index widened to negative 59.4 in October from negative 39.6 in September.
The production index improved to negative 13.7 from negative 21.4, while capacity use dropped to negative 19.6 from negative 18.5, the Fed reported. Volume of new orders narrowed to negative 25.5 from negative 27.1, and the growth rate of orders index improved to negative 28.5 from negative 35.9.
As for future six-months-from-now outlook, the general business conditions index widened to negative 36.6 from negative 16.8 last month, the production index decreased to 2.0 from 25.5, and capacity use fell to negative 3.0 from positive 21.5, the Fed reported. Volume of new orders slid to negative 3.0 from positive 23.6, while growth rate of orders index decreased to negative 3.9 from positive 16.9.
