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Dallas FED's Texas manufacturing outlook survey is of extreme importance, since Texas produces more than 11 percent of total manufactured goods in the United States, only second to California in factory production.
Key highlights -
- General business activity rose for second consecutive month to -4.6, but remained below median expectations.
- Factory activity declined slightly in July, as per the production index (key measure of manufacturing conditions) remained negative at -1.9. However the index rose for second consecutive month, suggesting reduction in the pace of construction.
- Current manufacturing activity also rose in July, with new orders index rebounding strongly, which posted first positive reading after six months.
- Shipments index increased but still remained in negative territory. The capacity utilization improved.
Despite all the negative numbers, future outlook seems brighter as the index of future general business activity and future company outlook posted double digit rise.
With improvement in place, FED seems to be on schedule to hike rates this year, however Dollar should strengthen over such or not is debatable.
Dollar index is currently trading at 96.4, down -0.8% for the day.
