Texas factory activity, as measured by the production index, was nearly flat in August, according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas.
The general business conditions index declined to negative 11.4 in August from negative 2.0 in July.
The production index fell to 1.1 from 10.8, while capacity use reversed to negative 2.8 from positive 0.6, the Fed reported. Volume of new orders dropped to 4.8 from 16.0, while growth rate of orders index decreased to negative 4.6 from positive 2.5.
As for future outlook, the general business conditions index slid to 2.9 from 3.7 last month, the production index decreased to 25.4 from 38.8, while capacity use fell to 22.5 from 30.5, the Fed reported. Volume of new orders dipped to 26.7 from 28.5 and the growth rate of orders index declined to 17.2 from 22.6.