“Texas manufacturing activity deteriorated further in November,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas and released yesterday.
“Most indicators of current factory activity plunged sharply. Several indexes for future production fell to their lowest levels since the survey started in June 2004, suggesting respondents expect continued deterioration in manufacturing activity over the next six months,” the Fed said
The general business conditions index widened to negative 61.0 in November from negative 59.4 in October.
The production index slipped to negative 21.0 from negative 13.7, while capacity use dropped to negative 22.0 from negative 19.6, the Fed reported. Volume of new orders widened to negative 38.0 from negative 25.5, while growth rate of orders index plunged to negative 46.0 from negative 28.5.
As for the outlook six months from now, the general business conditions index widened to negative 47.0 from negative 36.6 last month, the production index decreased to negative 6.1 from positive 2.0, and capacity use fell to negative 7.2 from negative 3.0.