TEXAS – The Lone Star State’s manufacturing sector saw business activity rise to levels not seen since 2005, according to the Federal Reserve Bank of Dallas’ latest survey.
The general business activity index for February 2018 came in at 37.2 points, a 3.8 point improvement over the January reading, indicating growing activity for the manufacturing industry.
The Dallas Fed said this was the best reading for the measure in 12 years.
The Dallas Fed asked businesses specifically about labor market issues, with 64.8 percent saying they have problems finding qualified workers.
To meet the labor shortage the wages and benefits index increased in February by nine points to 32.2, its highest rate in 11 years.