Source: Dallas Fed
Factory activity growth in Texas rebounded in May, marking the highest reading in five months. QQQ is down 0.74%, while SPY is down 0.89%.
- The production index was recorded at 18.8 in May, up from 10.8 in April and 15.3 in the same month last year.
- The latest reading is the highest in five months since it stood at 26.0 in December 2021.
- Growth was seen in capacity utilization which grew to 19.8, and in shipments which increased by 13.1.
- The new orders index declined to 3.2, and the growth rate of orders down 18 points to -5.3. Both the readings were two-year lows.
- The general business activity index slipped by eight points to -7.3, marking the first negative reading since July 2020.
- The outlook index fell deeper to -10.0 from -5.5, while the outlook uncertainty continued to be elevated at 26.5.
- The future production index plunged to 19.9 from 34.7, while the future general business activity index fell to -6.5.