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Unchanged Dallas Fed Mfg Index Masks Some Improved Details

US DATA
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  • The Dallas Fed manufacturing index fared a little worse than expected in April as it held at -14.5 (cons -11.3) after -14.4 in March.
  • However, it masked the production index rising from -4.1 to +4.8, whilst the new orders index was still negative but shifted from -11.8 to -5.3.
  • Further, the six-month ahead production index also extended the strong increase seen in March, and at 34.8 marks its highest since Apr 2022.
  • Mixed pressures for wages (picked up) and prices (retreated): “The wages and benefits index pushed up 10 points to 30.6, a seven-month high and indicative of stronger-than-usual growth in compensation. The raw materials prices index retreated further below average, falling 10 points to 11.2. The finished goods prices index also fell, from 11.0 to 5.5.”
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  • The Dallas Fed manufacturing index fared a little worse than expected in April as it held at -14.5 (cons -11.3) after -14.4 in March.
  • However, it masked the production index rising from -4.1 to +4.8, whilst the new orders index was still negative but shifted from -11.8 to -5.3.
  • Further, the six-month ahead production index also extended the strong increase seen in March, and at 34.8 marks its highest since Apr 2022.
  • Mixed pressures for wages (picked up) and prices (retreated): “The wages and benefits index pushed up 10 points to 30.6, a seven-month high and indicative of stronger-than-usual growth in compensation. The raw materials prices index retreated further below average, falling 10 points to 11.2. The finished goods prices index also fell, from 11.0 to 5.5.”