DALLAS, Feb. 24 (UPI) — Texas’ manufacturing has expanded in February for the 10th consecutive month, the Dallas Federal Reserve Bank said Monday
The bank said the state’s production index rose from 7.1 to 10.8, “indicating output grew at a slightly stronger pace.”
Capacity utilization improved slightly, with 25 percent of respondents to a monthly survey indicating improvements. Shipments also expanded.
New orders growth slowed but remained positive, the bank said.
Despite the gains, survey respondents were not as optimistic about future business as they had been previously.
The general business activity index dropped to zero after eight consecutive positive readings and the company outlook index hit its lowest level since a year ago, the bank said.
Both indexes measuring labor rose. The number-of-employees index showed hiring growth continued and the average-workweek index reached its highest level in more than 2 1/2 years, the bank said.