Federal Reserve Banks of Dallas and Richmond (05/26/2015)
Texas factory activity declined again in May, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index fell to -13.5, its lowest reading in six years. The new orders index held steady at -14.1, and the growth rate of orders index held steady at -15.2, marking the fifth and seventh negative reading in a row for these indexes.
Labor market indicators reflected employment declines and shorter workweeks. The May employment index declined 10 points to -8.2, after rebounding slightly above zero last month. Twelve percent of firms reported net hiring, compared with 21% reporting net layoffs. The hours worked index fell from -5 to -11.6.
Meanwhile, the Federal Reserve Bank of Richmond noted in its most recent survey that manufacturing activity flattened in May. The composite index for manufacturing moved to 1 following April’s reading of -3, while the shipments index leveled off to -1 from -6. In addition, the index for new orders gained eight points, reaching a nearly flat reading of 2. Manufacturing hiring continued to grow at a modest pace this month.
New Webinar: CareerBuilder Staffing and Recruiting Talent Brief
As many as 75% of staffing and recruiting professionals say some of their currently existing talent acquisition and human capital management roles will be completely automated using technology over the next 10 years. Find out how this will impact your business.