Federal Reserve Bank of Dallas reported that the manufacturing activity of Texas increase by almost five points last month. The production index of the Federal Reserve soared from 11 to 15.5.
According to Emily Kerr, business economist for the Fed, there is an increase in demand and orders compared to the previous months. Based on the comments from survey respondents, the machinery manufacturing business increased.
The Fed is hopeful for this month as the general business activity index jumped from 8 to 11.4. As a result, the employment rate increased; workweeks became longer and prices of raw materials also increased.
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