This morning, stock talk revolved not only 'round the stalled-out D.C. debt-ceiling discussions, but what might the Dallas Fed say when it released its Texas Manufacturing Outlook Survey, especially following last month's not-such-good-news accounting. What analysts were particularly concerned about was the general business conditions piece of the fiscal puzzle: In June that indicator took a massive walloping, dropping all the way to -17.5 -- "worsening," in other words, and how.
And while general business conditions are still in the negative, the bleeding's stopped ... for now: That stat's up 15.5 this month, "suggesting only a slight worsening this month," per the just-released report. When you dig into some details provided by those surveyed, the report notes that some industries are faring better than others, such as:
Fabricated Metal Product Manufacturing
The Architecture Billings Index for nonresidential construction has been negative for three months after six consecutive months of growth. Uncertainty about the economy and a lack of regional bank financing for new commercial and industrial projects is holding back the recovery.
There is more uncertainty related to our bank renewals. We are still seeing customers reluctant to commit to start projects that have been designed and approved. A large job we have been told we are receiving has been divided up into smaller releases because the plant owner does not want to release a larger purchasing order at one time. ...
Furniture and Related Product Manufacturing
The weight of continued slow retail home furnishings sales is taking its toll on dealers, and they have closed up buying.
We are still very negatively impacted by high commodity prices.
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