Texas factory activity rebounded slightly in July, according to the monthly business activity survey released Monday by the Federal Reserve Bank of Dallas.
The general business conditions index slumped to negative 21 in July from negative 4.0 in June.
The production index bounced to positive 4.9 from negative 1.9, while capacity use dipped to negative 0.6 from positive 2.7, the Fed reported. New-order volume fell to negative 9.6 from negative 8.2 and the growth rate-of-orders index slumped to negative 9.9 from negative 4.9.
Unfilled orders in July rose to negative 7.6 from negative 9.3 in the prior survey, the volume of shipments climbed to negative 1.1 from negative 9.0, and delivery times fell to negative 6.0 from negative 2.9.
The materials inventory index narrowed to negative 6.1 in July from negative 8.6, and the finished goods inventory improved to negative 7.0 from negative 8.6.
Prices paid for raw materials grew to 12.3 from 29.7, while prices received for finished goods slipped to negative 11.4 from negative 6.8.
Wages and benefits increased to 8.0 from 4.8, the employment index rose to 5.1 from 4.3, and the average workweek index dropped to negative 7.0 from positive 1.9, and the capital expenditures index slipped to 1.0 from 1.9.
The future outlook, which measures expectations six months from now, was mixed in July.
The general business conditions index slumped to 5.0 in July from 13.7 in June, the production index decreased to 26.6 from 28.5, and capacity use fell to 20.7 from 30.1. Volume of new orders rose to 29.6 from 26.2, while the growth rate-of-orders index increased to 25.6 from 24.0.