Manufacturing index for Texas keeps rising

The Dallas Federal Reserve Bank said Monday Texas manufacturing expanded in November at a faster pace than October. It was the third consecutive month manufacturing activity accelerated compared to the previous month, the Fed said. From October to November, the production index for the state rose from 13.3 to 16.9, "indicating further expansion," the Fed said. The component index for new orders was "similar to October" at 5.4, posting a seventh consecutive month of increased demand. The capacity utilization index rose to 16.2, the highest level since March 2011, the survey found. The shipment index "edged higher," the Fed said, reaching 14.8. Employment indexes were mixed. The index measuring the number of employees dropped slightly to 5, while the hours worked index was steady at 4.2. The wages and benefits index remained positive, but dropped from 20.4 to 14.6. Two other cost indexes showed upward pressure on pricing. The raw materials price index was unchanged at 22.6, while the finished goods price index held above break even at 2.2.