Moments ago, the Federal Reserve Bank of Dallas released its latest Texas Manufacturing Outlook Survey -- a snapshot look at what folks are making, ordering and selling -- and it's not looking good, not surprisingly. As in:
Texas factory activity deteriorated further in December, according to business executives responding to the Texas Manufacturing Outlook Survey. Nearly all indexes of current activity remained negative, and several dropped to record lows. The six-month outlook remained uncertain and weak, and a majority of respondents noted a decline in planned capital expenditures for 2009.
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And of the 109 manufacturers surveyed over the last three weeks, 31 percent acknowledged layoffs -- with more reporting that they are trimming workers' hours. --Robert Wilonsky