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Texas Manufacturing Activity Remains Weak
Declines in Texas manufacturing continued to moderate in July, according to business executives responding to the Texas Manufacturing Outlook Survey. Nearly all indexes of current factory activity posted seasonal declines; however, seasonally adjusted data soon to be released suggest the rate of contraction has slowed.
Unadjusted indexes for production, capacity utilization and shipments remained negative, but the largest group of companies—well over 40 percent—said activity was unchanged. Nearly half of the manufacturers said growth in new orders was flat in July.
The company outlook and business activity indexes—the survey’s broadest measures of state manufacturing trends—continued to reflect widespread downbeat sentiment. The majority of executives reported no change from the prior month, while 30 percent of executives reported worsening outlooks and a third noted decreased business activity.
Posted: July 27, 2009 Monday 10:30 AM