Monday morning, the Dallas Fed released its Texas Manufacturing Outlook Survey (TMOS) for July. The latest general business activity index came in at -6.3, up 5.8 from -12.1 in June. All figures are seasonally adjusted.
The production index, a key measure of state manufacturing conditions, moved from 8.9 to 9.3, indicating output growth continued at roughly the same pace as in June.
Perceptions of broader business conditions were less negative in the Lone Star state July. The general business activity index rose six points but remained in negative territory for a third month in a row, coming in at -6.3.
The company outlook index rose five points to -0.9, with the near-zero reading indicating that the share of firms noting a worsened outlook roughly equaled the share noting an improved outlook. The index measuring uncertainty regarding companies’ outlooks retreated 12 points from its June peak, coming in at 9.7.
Expectations regarding future business conditions improved in July. The index of future general business activity returned to positive territory, rising nine points to 6.0.
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