WACO, TX — Texas factory activity, prices, and wages escalated in June according to a Monday, June 28, report from the Federal Reserve Bank of Dallas.
The production index, growing from 14 points from last month, as well as ongoing manufacturing activity suggests climbing output growth, according to the Texas Manufacturing Outlook Survey.
The data was collected from survey taken by Texas business executives, and indicates that demand is strong.
The new orders index for June is 26.7, significant growth from May's 20.8.
The growth rate of orders index grew from 19.5 in May to 23.4 in June, the capacity utilization index grew by seven points, and the shipments index by 14 points.
Prices and wages accelerated in June, with finished goods prices, and raw material prices reached an all-time high, according to the Dallas Fed; when looking at the labor market measures - employment and work hours both increased with 32 percent of firms noting net hiring, and nine percent noting net layoffs.
While Texas' manufacturing activity is expanding since August 2020, as well as the industrial sector across the country, supply-chain strains and labor shortages are also compromising output, according to a Market Watch article that reviewed the Dallas Fed data.
Expectations from Texas executives regarding future manufacturing activity rise, with all of the above, in June.