Dallas Fed: Growth in Texas manufacturing activity gains momentum

"Texas factory activity expanded at a faster pace in October, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose six points to 25.6 and reached its highest reading since April 2014," the Federal Reserve Bank of Dallas announced on Monday.

Key highlights:

• The new orders index climbed six points to a 10-year high of 24.8, and the growth rate of orders index moved up to 12.3.
• The capacity utilization index also pushed to its highest level in a decade at 22.5.
• Meanwhile, the shipments index moved down several points but remained positive and at a well-above-average level of 20.9.
• Labor market measures suggested solid employment growth and longer workweeks this month.
• The employment index came in at 16.7, unchanged from September and still well above average.
• Upward pressure on prices and wages continued in October.
• The raw materials prices and finished goods prices indexes edged down but remained elevated at 32.3 and 15.3, respectively.
• The wages and benefits index also moved down but remained relatively high, at 22.5.