Texas area manufacturing activity continued to recede in March, a report from the Federal Reserve Bank of Dallas said Monday.
The bank said its current production index fell to -22.3 from -36.1 in February. The business activity index was -49.0 from -57.3 in February. Several indicators of future activity suggest however, that the region’s manufacturers expect declines in factory activity to ease over the next six months.
Indexes for future production, capacity utilization, shipments, new orders and growth rate of orders improved modestly for the fourth consecutive month.
The Dallas Fed conducts the Texas Manufacturing Outlook Survey monthly to obtain a timely assessment of the state’s factory activity.