According to the Texas Manufacturing Outlook Survey conducted by the Federal Reserve Bank of Dallas, the manufacturing sector lost momentum in April with the general business activity index dropping to 2 from 6.9 (revised from 8.3) in March. Nevertheless, this reading came in above the market expectation of -2.6. The US Dollar Index didn’t react to the data and was last seen flat on the day at 98.06.
Key takeaways from the press release
- The production index, a key measure of state manufacturing conditions, ticked up two points to 12.4, indicating output growth accelerated slightly from March.
- The company outlook index climbed two points to 6.3.
- The employment index fell eight points to 4.6, its lowest reading since the end of 2016.
- The index of future general business activity remained at its March reading of 18.4, while the index of future company outlook edged up from 18.4 to 20.9.
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