For the fifth straight month, the Dallas Fed’s Texas Manufacturing Outlook survey disappointed expectations, printing -23.2 vs -21.8 exp) and is negative for .
Source: Bloomberg
Texas factory activity declined in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell three points to -4.2, a reading indicative of a slight contraction in output.
Labor market measures suggest weaker employment growth and declining work hours. Price pressures evaporated, while wage pressures remained elevated…
But it is the comments from respondents that highlight reality best…
Food manufacturing
Stagflation. Political incompetence is creating an unstable business environment.
Computer and electronic product manufacturing
We are starting to see a major shift in industrial production and a lack of confidence.
Machinery manufacturing
We are living hand to mouth. The surge in orders could easily stop as quickly as it started. We’re month to month.
Plastics and rubber products manufacturing
We service retailers. They are tentative; we are wary.
Primary metal manufacturing
Incoming orders are off substantially, especially in the residential building and construction markets we produce raw material for.
But we are looking foirward to hearing President Biden on Wednesday to explain how successful Bidenomics has been…
Tyler Durden
Mon, 06/26/2023 – 10:46
