Texas manufacturing experiencing ‘modest’ contraction, Dallas Fed says

Texas manufacturers are reporting lower output and less hope for the near future in the latest Federal Reserve Bank of Dallas survey.

The Dallas Fed surveyed 115 manufacturers across the state from Nov. 12 to 20 about the current business climate. The results of that survey, which is conducted every month, show an industry that, for the first time since 2016, is seeing shrinking production as orders fell for the second month in a row. The Fed called the contraction “modest” and said the long-term…