Texas manufacturing just crawled back above water. The Dallas Federal Reserve’s general business activity index rose to 0.4 in May, up from -2.3 in April, marking the first positive reading after consecutive months of contraction.
The numbers behind the headline
The Texas Manufacturing Outlook Survey, released on May 26, painted a picture of an industry pulling in two directions at once. New orders improved, while production and shipments both declined.
The employment index held steady at 0.2, essentially flat. Hours worked, however, fell to 1.8 from 4 in the prior month.
The future general business activity index came in at 14.3, a solidly positive reading.
