Dallas Fed Manufacturing, December 29

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data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <figure class="figure image-figure-image image-figure-float-right float-md-right " data-type="img" data-e2e-name="image-figure-image" data-media-container="image" itemscope="" itemtype="https://schema.org/ImageObject"> <div class="lazy-holder " style="padding-top: calc(100% * 951 / 1268)"> <meta itemprop="contentUrl" content="https://i.insider.com/54a176ea6bb3f76f662f3541"> <img class="lazy-image " src="data:image/svg+xml,%3C%3Fxml version='1.0' encoding='UTF-8'%3F%3E%3Csvg xmlns='http://www.w3.org/2000/svg' width='1' height='1'/%3E" data-content-type="image/jpeg" data-srcs="{"https://i.insider.com/54a176ea6bb3f76f662f3541":{"contentType":"image/jpeg","aspectRatioW":1268,"aspectRatioH":951}}" alt="texas permian shale oil basin drill"> </div> <span class="image-source-caption "> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption"> Rigs contracted by Apache Corp drilling for crude oil locked tight in shale in west Texas’ Permian Basin near the town of Mertzon, Texas, on Oct. 29, 2013. <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText"> REUTERS/Terry Wade </span> </figcaption> </span> </figure><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-1" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-1/markets" data-secvert="finance" data-tag="dallas-fed-manufacturing-survey" data-authors="myles-udland" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-1" data-url="/dallas-fed-manufacturing-december-29-2014-12" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-1/markets","region":"Desktop In Post Ad","tag":"dallas-fed-manufacturing-survey","template":"default","dvp_spos":"in-content-1","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-not-lazy="" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p><span style="line-height: 1.5em;"> Business executives in Texas are worried about the drop in oil prices. </span></p><p>On Monday, t<span style="line-height: 1.5em;">he <a href="http://dallasfed.org/microsites/research/surveys/tmos/index.cfm" data-analytics-product-module="body_link" rel=" nofollow">Dallas Fed's latest manufacturing</a> survey showed that activity in Texas was slowing down.</span></p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-2" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-2/markets" data-secvert="finance" data-tag="dallas-fed-manufacturing-survey" data-authors="myles-udland" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-2" data-url="/dallas-fed-manufacturing-december-29-2014-12" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-2/markets","region":"Desktop In Post Ad","tag":"dallas-fed-manufacturing-survey","template":"default","dvp_spos":"in-content-2","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>The latest composite index came in at 4.1, widely missing expectations and down big from November's reading. <span style="line-height: 1.5em;">Expectations were for the index to come in at 9, </span><a href="http://dallasfed.org/microsites/research/surveys/tmos/index.cfm" data-analytics-product-module="body_link" rel=" nofollow">down from 10.5 last month</a><span style="line-height: 1.5em;">. </span></p><p><span style="line-height: 1.5em;"><span>Many </span><span></span><a href="https://www.businessinsider.com/us-income-bracket-savings-cheaper-oil-2014-12" data-analytics-product-module="body_link" rel="">economists have noted</a><span> that as the drop in oil prices leads to cheaper gas, American consumers stand to benefit from what is effectively a tax cut.</span></span></p><p>But the big takeaway from Monday's Dallas Fed report is that businesses in Texas, which has been a <a href="https://www.businessinsider.com/goldman-sachs-on-cheap-oil-2014-11" data-analytics-product-module="body_link" rel="">major beneficiary</a> of the shale boom, have noted the drop in oil prices and not for the better. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-3" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-3/markets" data-secvert="finance" data-tag="dallas-fed-manufacturing-survey" data-authors="myles-udland" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-3" data-url="/dallas-fed-manufacturing-december-29-2014-12" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-3/markets","region":"Desktop In Post Ad","tag":"dallas-fed-manufacturing-survey","template":"default","dvp_spos":"in-content-3","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>According to the report, among comments from business executives in metal product manufacturing was that the drop in crude oil prices was<strong> "going to make things ugly ... quickly."</strong></p><p>Another comment from an executive in the same sector said "the price of oil tanking was a surprise." </p><p>The price of oil has <a href="https://www.businessinsider.com/oil-price-charts-2014-12" data-analytics-product-module="body_link" rel="">fallen more than 40%</a> over the past several months, and on Monday afternoon, West Texas Intermediate crude oil <a href="https://www.businessinsider.com/oil-plunges-december-29-2014-12" data-analytics-product-module="body_link" rel="">was crashing again</a>, falling below $54 in a sharp 1.8% drop. <span style="line-height: 1.5em;">In June WTI was closer to $105. </span></p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-4" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/markets" data-secvert="finance" data-tag="dallas-fed-manufacturing-survey" data-authors="myles-udland" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-4" data-url="/dallas-fed-manufacturing-december-29-2014-12" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/markets","region":"Desktop In Post Ad","tag":"dallas-fed-manufacturing-survey","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>And these concerns over the price of oil were widespread across industries in Texas. </p><p>An executive in the wood product manufacturing industry said "the price of oil makes me very concerned about the service sector," while an executive in the electrical equipment and appliance manufacturing sector said "falling oil prices will negatively affect our business."</p><figure class="figure image-figure-image image-figure-float-left float-md-left " data-type="img" data-e2e-name="image-figure-image" data-media-container="image" itemscope="" itemtype="https://schema.org/ImageObject"> <div class="lazy-holder " style="padding-top: calc(100% * 600 / 800)"> <meta itemprop="contentUrl" content="https://i.insider.com/548b643cecad04b81d3e47fd"> <img class="lazy-image " src="data:image/svg+xml,%3C%3Fxml version='1.0' encoding='UTF-8'%3F%3E%3Csvg xmlns='http://www.w3.org/2000/svg' width='1' height='1'/%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/548b643cecad04b81d3e47fd":{"contentType":"image/png","aspectRatioW":800,"aspectRatioH":600}}" alt="WTI1yr"> </div> <span class="image-source-caption "> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption"> The collapse in oil prices has business leaders in Texas worried. <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText"> Business Insider </span> </figcaption> </span> </figure><p>In the machinery manufacturing sector, executives expressed concern about the drop in oil prices but said they had received comments on both sides of the issue, i.e. comments that see the drop in oil as net positive and a net negative. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-markets-desktop_in_post_ad-desktop-fluid-5" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/markets" data-secvert="finance" data-tag="dallas-fed-manufacturing-survey" data-authors="myles-udland" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-5" data-url="/dallas-fed-manufacturing-december-29-2014-12" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/markets","region":"Desktop In Post Ad","tag":"dallas-fed-manufacturing-survey","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>As one executive in this sector said: "<span style="line-height: 1.5em; color: #000000;">Our business remains quite strong, and our outlook is good. However, we remain cautious over concerns about how lower oil prices will impact our midstream and downstream energy customers. We don't believe it will be a negative impact, but there could be unanticipated consequences (e.g., market fear)."</span></p><p><span style="line-height: 1.5em; color: #000000;">Over the past several months, much of the coverage regarding oil has tackled how low the will price go and when the plunge will stop. But now that we have seen lower oil prices for several months, we will begin to see how businesses digest and adapt to this reality. </span></p><h3><strong><br>NOW WATCH: <a href="https://www.businessinsider.com/70-million-mansion-minecraft-jay-z-beyonce-beverly-hills-2014-12" rel="">Here's Video Of That Bonkers $70 Million Mansion That The Minecraft Creator Bought, Outbidding Jay Z And Beyoncé</a></strong></h3><div><div class="insider-raw-embed"><script src="//player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script><div id="ooyalaplayer" style="width:1920px;height:1080px"></div><script>OO.ready(function() { OO.Player.create('ooyalaplayer', 'VvdHNkcjpVBFK8Myfcw19cYkLFn7AJby'); });</script><noscript><div>Please enable Javascript to watch this video</div></noscript></div></div><p class="embed-spacer"></p> </div> </div> </div> </section> </div> <section class="post-content-more"> <section class="dad-related-posts-component at-post-bottom related-posts" data-component-type="dad-related-posts" data-delay-third-party-scripts="true" data-size="3" data-container-index="" data-included-verticals="markets" data-placement="post-bottom" data-excluded-verticals="bi-video" data-root-margin="250px 0px" data-track-view="{"element_name":"end_of_article_recirc","product_field":"bi_value_unassigned"}" > <div class="content-recommendations-title-container"> <h2 class="content-recommendations-title headline-semibold ignore-typography "> Read next </h2> </div> <div class="dad-related-posts-container content-recommendations-container"></div> </section> <div class="inline-newsletter-signup headline-regular loading insider-today" id="formContainer" data-component-type="inline-newsletter-module" data-event-label="insider_today" data-newsletter-id="1" data-newsletter-title="Insider Today" data-acq-source="marketsinlinesignup" data-track-view={"product_field":"bi_value_unassigned","element_name":"inline_newsletter"} > <section class="inline-newsletter-content"> <div class="inline-newsletter-insider-today-header"> <div> <div class="inline-newsletter-logo-tag"> <div class="inline-newsletter-logo"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 16 / 195)" > <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src='/public/assets/BI/US/logos/newsletters/insider-today-logo.png' alt="Insider Today" /> <noscript> <img src="/public/assets/BI/US/logos/newsletters/insider-today-logo.png" /> </noscript> </div> </div> </div> <div class="newsletter-signup-header" id="signUpHeader" > Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. <a href="https://l.businessinsider.com/e/evib?_t=c8e10479a20f45bba5aad6c5f6fbb009&_m=bee0b92dd7f64311b232730abc2d57af&_e=U5JhMPKexkqXQC0IbC5jAv93qEg9l9wpQfDa9HFV0yVMQv3svoC1aboxnptAyVwou2R68cPyvF-aWiSH-hyRWg%3D%3D" target="_blank" class="inline-newsletter-preview-link headline-semibold">Read preview</a> </div> </div> <div class="inline-newsletter-img-wrapper-mobile"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 124 / 111)" > <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src='/public/assets/rebrand/newsletter-bull.png' alt="Bull" /> <noscript> <img src="/public/assets/rebrand/newsletter-bull.png" /> </noscript> </div> </div> </div> <div class="js-loader hidden"><svg class="svg-icon " version="1.1" xmlns="http://www.w3.org/2000/svg" role="img" width="50" height="50" viewBox="0 0 50 50" style="enable-background:new 0 0 50 50;" xml:space="preserve"> <path fill="#0a0a0a" d="M43.935,25.145c0-10.318-8.364-18.683-18.683-18.683c-10.318,0-18.683,8.365-18.683,18.683h4.068c0-8.071,6.543-14.615,14.615-14.615c8.072,0,14.615,6.543,14.615,14.615H43.935z"> <animateTransform attributeType="xml" attributeName="transform" type="rotate" from="0 25 25" to="360 25 25" dur="0.6s" repeatCount="indefinite"/> </path> </svg></div> <div class="error-request-message headline-regular hidden"></div> <div class="success-container__desktop"> <div class="success-image-container hidden"></div> <div class="success-message-container"> <div class="success-message headline-semibold hidden"> Thanks for signing up! 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