Research >> Economics
Texas Manufacturing Contraction Ebbs Further, Outlook Stays Positive
Declines in Texas factory activity moderated further in June, according to the business executives who responded to the Texas Manufacturing Outlook Survey.
Indexes for production, capacity utilization, new orders and growth rate of orders improved slightly from their May readings, but they remained negative, suggesting continued weakness. For the most part, the changes reflect fewer companies seeing declines in these measures, not more firms reporting increases.
Weak labor market conditions persisted. The employee index was virtually unchanged in June, and a fourth of those responding reported cut backs in work hours. Wage pressures remained minimal, with 85 percent of companies indicating no changes in current compensation and three-fourths expecting wages to hold steady six months from now.
Posted: June 29, 2009 Monday 10:30 AM