US: Dallas Fed Manufacturing Index drops to 8.3 in March vs 7 expected

"The general business activity index remained positive but fell five points to 8.3," the Federal Reserve Bank of Dallas announced in its latest Texas Manufacturing Outlook Survey.

Key takeaways from the press release

• The production index, a key measure of state manufacturing conditions, held fairly steady at 11.5, indicating output growth continued at about the same pace as last month.
• The new orders index fell from 6.9 to 2.4, and the growth rate of orders index slipped into negative territory for the first time since December 2016.
• The shipments index declined five points to 5.8, while the capacity utilization index moved up four points to 10.9.
• The employment index held steady at 13.1, a reading well above average.