Texas manufacturing activity picked up in January, as measured by the production index, as the survey numbers include annual seasonal revisions, according to the monthly business-activity survey conducted by the Federal Reserve Bank of Dallas and released Monday.
The general business conditions index reversed to positive 15.3 in January from negative 0.3 in December.
The production index grew to 5.8 from 0.2 and capacity use increased to 8.5 from 4.0, the Fed reported. Volume of new orders climbed to positive 9.5 from negative 2.0, while growth rate of orders index increased to positive 6.6 from negative 7.3. Unfilled orders narrowed to negative 1.0 from negative 5.1 in the previous survey, while the volume of shipments rose to positive 6.1 from negative 1.1 and delivery times reversed to positive 8.7 from negative 7.9.
The materials inventory index rose to positive 5.8 from negative 6.7 and the finished goods inventory grew to zero from negative 7.9. Prices paid for raw materials dipped to 24.4 from 25.7, while prices received for finished goods reversed to positive 9.0 from negative 0.8.
Wages and benefits slid to 17.5 from 19.4, while the employment index rose to 12.2 from 9.9 and the average workweek index grew to 6.6 from 3.5 and the capital expenditures index fell to 9.6 from 7.7.
As for the future outlook, the general business conditions index rose to 22.3 from 9.5 in December, the production index increased to 43.6 from 38.1, and capacity use grew to 41.1 from 36.2. Volume of new orders gained to 45.6 from 36.0 and the growth rate of orders index increased to 30.0 from 23.3.
The capital expenditures index increased to 9.6 from 7.7.