Inflationary pressures in Texas ratcheted up even further in March, a survey released Monday by the Federal Reserve Bank of Dallas showed.
The prices paid for raw materials index of the Dallas Fed’s monthly survey of manufacturers rose six-tenth of a point to 74, with 77.7 percent of respondents reporting that prices rose for the month. The index of expectations for raw materials also 6.9 points to 58, with 60.5 percent of manufacturers saying they expect to pay higher prices six months from now.
The index that tracks the prices charged for finished goods jumped 3.2 points to 47.8. The expectations for prices soared 13.8 points to 59.2, the highest ever recorded in data going back to June of 2004. The previous record high was 57.8 in the summer of 2008.
The production index, a key measure of state manufacturing conditions, dipped slightly to 13.2
The general business activity index unexpectedly fell five points to 8.7, below Wall Street’s expectation for a March reading of 12.5. The company outlook index fell 7.1 points to a negative 0.7, which the Dallas Fed says indicates that companies were nearly evenly split on whether their outlooks improved or worsened over the past month.
The wages and benefits index shot up 11 points to a new high of 55.2.