Today, the Federal Reserve Bank of Dallas released their latest read on the manufacturing activity of their region indicating that manufacturing activity in the region continued to retrench with current production, volume of new orders and employment all signaling contraction.The current production index declined to -0.1 as the current volume of new orders index remained firmly in contraction for a third consecutive month at -9.3 and the current employment index declined to -5.1.
These results are effectively confirm other regional measures of manufacturing activity (Philly Fed, Empire state, ISM PMI, etc.) which, taken as a whole, now clearly indicate that nationwide manufacturing activity has slowed significantly in the last several months.
