Federal Reserve Bank of Dallas (09/29/2014)

Texas factory activity increased again in September, according to business executives from 105 Texas manufacturers responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose markedly from 6.8 to 17.6, indicating output grew at a faster pace than in August. Other measures of current manufacturing activity also reflected significantly stronger growth in September. The new orders index, for example, rose from 2.5 to 7.5.

Labor market indicators reflected continued employment growth and longer workweeks. The September employment index posted a fourth robust reading, holding fairly steady at 10.6. Twenty-four percent of firms reported net hiring compared with 14% reporting net layoffs. The hours worked index rose to a five-month high of 9.5, indicating a stronger rise in hours worked than in recent months.