United States Dallas Fed Manufacturing Index

The Dallas FED's general business activity index for Texas manufacturing was broadly unchanged in June 2026, following a 0.4 increase in May. Firms reported a modest improvement in sentiment, with the company outlook index rising to 2.3 from 0.3, while uncertainty eased as the outlook uncertainty index fell eight points to 10.9. Labor market conditions strengthened, with the employment index jumping to 13.9 from 0.2 and work hours also increasing. Price pressures were mixed, as selling prices and wages accelerated while input cost pressures held steady. Looking ahead, manufacturers remained optimistic, with the future general business activity index rising 12 points to 25.9, although the future production index eased slightly to 34.8.

The Dallas FED's general business activity index for Texas manufacturing increased to 0.4 in May 2026, rebounding from -2.3 in April. Perceptions of broader business conditions were stable, with the company outlook index at 0.3, down from 3, suggesting firms’ outlooks were essentially unchanged, while the outlook uncertainty index increased slightly to 19.2, but remaining above the series average of 16.9. Labour market conditions were broadly flat, the employment index was unchanged at 0.2 and the hours worked index fell to 1.8 from 4. Wage pressures held steady and the wages and benefits index was relatively unchanged at 18.9. Price pressures for inputs increased, the raw materials price index rose to 42.7, the highest level in 8 months, while the finished goods index fell to 18.9. Looking ahead, future general business activity index came at 14.3, with firms expecting increases in manufacturing activity.

The Dallas FED's general business activity index for Texas manufacturing fell to -2.3 in April 2026 from -0.2 in March, marking its lowest level so far this year. The company outlook index rebounded into positive territory at 3, while the outlook uncertainty index declined to 17.9 after nearing a one-year high in March. Labor market indicators were largely stable. Employment remained flat, but firms reported slightly longer workweeks, with the hours worked index rising to 4 from 0.9. Wage pressures showed little movement, as both the wages and benefits index were unchanged. Price pressures intensified, the finished goods price index surged to 27.6, its highest level since July 2022, while the raw materials price index climbed 4.3 points to 37. Looking ahead, expectations of general business activity rose 4 points to 14.1, as firms expect an increase in manufacturing activity over the next six months.