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Texas Manufacturing Outlook Worsens
Texas manufacturing activity deteriorated further in November, according to business executives responding to the Texas Manufacturing Outlook Survey. Most indicators of current factory activity plunged. Several indexes for future production fell to their lowest levels since the survey started in June 2004, suggesting respondents expect continued deterioration in manufacturing activity over the next six months.
Concerns about economic and financial conditions weakened current factory activity. The general business activity index revealed overwhelmingly negative sentiment, with 64 percent of respondents reporting worsening conditions. The company outlook index remained negative for the sixth consecutive month.
Indexes for production, capacity utilization, volume of shipments, unfilled orders and delivery time slid further into negative territory. The volume of new orders index plummeted to a record low, and over half of the executives reported decreases in the growth rate of new orders. Labor markets softened further. Both the employment and average workweek indexes fell in November, with about a third of respondents citing declines in these measures.
Posted: November 24, 2008 Monday 10:31 AM