- The US Dallas Fed Manufacturing Business Index dropped from 9 to 4.6 in September.
- US dollar rose slightly for the day, off the highs.
The Federal Reserve Bank of Dallas published the Texas Manufacturing Outlook Survey. The general business activity index remained in positive territory at 4.6 in September, down from 9 in the previous month.
“Factory activity in Texas continued to pick up in September, according to management that responded to the Texas Manufacturing Outlook Survey. The production index, an important measure of state production conditions, rose three points to 24.2. The figure was well above average and suggests solid production growth, ”the report said.
“The perception of the general terms and conditions was mixed in September. While both the company outlook and the general business activity index moved down from their August values, the company outlook index slipped into negative territory at -2.8, which signals a slight deterioration in the outlook for this month. “
Expectations for future production activities were a little less positive in September, as the report showed. “The future index of production fell slightly to 41.8, but remained elevated, while the future index of general business activity slipped by four points to 11.5, a value slightly below average.”
Market reaction
Market participants largely ignored the report. The US dollar remains off its highs with the DXY hovering around 93.30 / 35, up 0.07% for the day. US yields are off the highs, still significantly higher for the day. The 10-year rate is 1.48%, an increase of more than 2% for the day.
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