US: Dallas Fed Manufacturing Index drops to 4.6 in September from 9
|- US Dallas Fed Manufacturing Business Index decreases to 4.6 in September from 9.
- US dollar modestly higher for the day, off highs.
The Federal Reserve Bank of Dallas published the Texas Manufacturing Outlook Survey. The general business activity index remained in positive ground in September at 4.6 below the reading of 9 of the previous month.
“Texas factory activity continued to increase in September, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose three points to 24.2. The reading was well above average and indicative of solid output growth”, according to the report.
“Perceptions of broader business conditions were mixed in September. While both the company outlook and general business activity indexes moved down from their August readings, the company outlook index slipped into negative territory at -2.8, signaling a slight worsening of outlooks this month.”
Expectations regarding future manufacturing activity were slightly less positive in September the report showed. “The future production index edged down to 41.8 but remained elevated, while the future general business activity index slipped four points to 11.5, a reading slightly below average.”
Market reaction
Market participants mostly ignored the report. The US Dollar remains off highs, with the DXY hovering around 93.30/35, up 0.07% for the day. US yields are off highs, still sharply higher for the day. The 10-year stands at 1.48%, up more than 2% for the day.
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