Texas economy takes a step back

 Breitbart:

Manufacturing activity in Texas declined in June for the second consecutive month even as prices and wages continued to rise sharply, raising the prospect that the economy is headed for stagflation.

The Federal Reserve Bank of Dallas said its index for general business activity fell sharply to minus 17.7 from minus 7.3 the previous month, the lowest level since May 2020. Readings below zero indicate a decline in activity.

The production index, a key measure of state manufacturing conditions, barely held on to positive territory, plunging to 2.3 from 18.8 in May, suggesting output stagnated.

The index that measures how companies feel their own business is faring dropped to negative 20.2 from negative 10 a month earlier.

This slump in business conditions and factory output did not provide much relief from inflationary pressures, as prices and wages continued to increase strongly. The raw materials prices index inched down to 57.5, a reading still more than twice its average of 28.0. The finished goods prices index also dropped from 41.8 to 33.8, a level the Dallas Fed described as “highly elevated.” The wages and benefits index came in at 49.9, unchanged from May and markedly higher than its 20.4 average.

...

The Biden economy continues to weaken even in productive states like Texas.  It would help if Biden would take the restrictions off energy production.  His deliberate restrictions on drilling operations are hurting the US economy as well as that of Texas. 

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