Federal Reserve Bank of Dallas (01/26/2015)
Texas factory activity was flat in January, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, came in at 0.7, indicating output was essentially unchanged from December.
Labor market indicators reflected unchanged workweeks but continued employment increases. The employment index was 9.0 in January, slightly below last month’s level but close to its average reading over the past two years. Twenty percent of firms reported net hiring compared with 11% reporting net layoffs. The hours worked index edged down from 0.7 to -0.1, indicating no change in hours worked in January. The wages-and-benefits index receded from 25.2 to 19.1, suggesting some moderation in upward pressure on compensation costs.
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