2018 Economic Calendar
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Dallas Fed Mfg Survey  
Released On 8/27/2018 10:30:00 AM For Aug, 2018
PriorConsensusConsensus RangeActual
Production Index29.4 29.3 
General Activity Index32.3 28.0 27.7  to 33.0 30.9 

Highlights
Steady at a very high rate of growth is the ongoing message from the Dallas Fed's manufacturing survey with the general activity index, at 30.9 in August, easily beating the 28.0 consensus.

The new orders index was little changed at 23.9 while the growth rate of orders moved up 3 points to 19.9. The production index held steady at 29.3.

Capacity stress in the Dallas sample is still evident. The capacity utilization index was unchanged at 25.2 with work hours lengthening though the shipments index slipped 5 points to 26.0. Labor market measures continue to suggest robust levels of hiring.

While price pressures remain highly elevated, a slight deceleration was seen in price increases. Compensation costs continued to rise at a faster clip than normal, with the wages and benefits index coming in at 33.4, just slightly above its July reading.

Perceptions of business conditions are highly positive though uncertainty, likely related to the risk of trade war, remains elevated. The index measuring uncertainty regarding companies' outlooks held steady in August at 16.2 but remains well above readings in the first half of the year.

Dallas is getting a fundamental boost from strength in the energy sector and its results for August contrast with slowing seen in both the Philadelphia Fed and Kansas City reports.

Consensus Outlook
Firm energy prices have been underpinning the Dallas Fed's manufacturing sample. Orders have been strong and backlogs have been rising with overheating a question for capacity utilization, delivery times, and prices. Another month of strength is expected for August, at a consensus 28.0 for the general activity index vs 32.3 and 36.5 in the prior two reports.

Definition
The Dallas Fed Manufacturing Survey tracks factory activity in Texas on a monthly basis. Firms are asked whether output, employment, orders, prices and other indicators increased, decreased or remained unchanged over the previous month. Responses are aggregated into balance indexes where positive values generally indicate growth while negative values generally indicate contraction. About 100 manufacturers regularly participate in the survey.  Why Investors Care
 
 

2018 Release Schedule
Released On: 1/292/263/264/305/296/257/308/279/2410/2911/26
Release For: JanFebMarAprMayJunJulAugSepOctNov
 


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