“Many good things may happen , but the actual occurrence remains to be seen …” That’s about as rosy a picture as one could glean from the respondents to today’s Dallas Fed Manufacturing survey.
Against expectations of a small improvement from -11.3 to -10.0, the headline sentiment gauge dropped to -14.4 (the lowest end of analysts’ forecasts).
Furthermore, the production index, a key measure of state manufacturing conditions, fell five points to -4.1, a reading that suggests a slight decline in output month over month.
Other measures of manufacturing activity also indicated declines this month. The new orders index – a key measure of demand – dropped 17 points to -11.8 after briefly turning positive last month.The capacity utilization index edged down five points to -5.7, and the shipments index plunged from 0.1 to -15.4.The decline in new orders came alongside a surge in prices as raw materials costs rose […]
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