Dallas Fed: Manufacturing Remains Sluggish in April

“Texas manufacturing activity remained sluggish in April,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released yesterday.

The general business conditions index dipped to negative 23.4 in April from negative 22.7 in March.

The production index decreased to 12.5 in April from 13.6 in March, while capacity use dropped to 8.0 from 8.2, the Fed reported. Volume of new orders declined to 8.1 from 11.8, while the growth rate of orders index rose to zero from negative 1.8.

Unfilled orders widened to negative 5.4 from negative 3.7 in the prior survey, while the volume of shipments slid to 11.6 from 16.4, and delivery times improved to negative 2.7 from negative 4.5. The materials inventory index increased to positive 11.6 from negative 1.8, and the finished goods inventory reversed to positive 3.6 from negative 4.5.

Prices paid for raw materials rose to 69.6 from 65.2, while prices received for finished goods slid to 25.9 from 28.2. Wages and benefits dropped to 19.1 from 24.6, the number of employees index dropped to 4.5 from 9.1, the average workweek index fell to 1.8 from 4.6, and the capital expenditures index increased to 4.5 from 2.7.

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