États-Unis Dallas Indice Manufacturier De La Fed

The Dallas Fed’s general business activity index for Texas manufacturing fell to -10.4 in November 2025, from -5 in the prior, signaling a fourth consecutive monthly contraction in manufacturing activity and the steepest since June. The production index rose to 20.5, signaling a notable pickup in output growth. Outlooks worsened, with the company outlook index falling to -6.3, though uncertainty eased to 15.7. The new orders index increased to 4.8, while capacity utilization jumped to 19.4. The shipments index rose to 15.1. Employment conditions were essentially flat, with the employment index at 1.2, as 17% of firms reported hiring and 16% layoffs. Hours worked increased to 9.9. Price and wage pressures increased slightly, with raw material prices rising to 35.3, finished goods prices to 10.8, and the wages and benefits index to 15.4. Six month expectations remained positive, with future production up to 33.7 and future general business activity at 11.