A Federal Reserve gauge of manufacturing in Texas tumbled to a record low in March as more of the nation’s factories are left reeling from the pandemic.
The Dallas Fed said Monday that its general economic index decreased to minus 70, the lowest reading in data back to 2004, from 1.2 in February. Readings below zero indicate contracting activity. The measures production and new orders both were lowest since 2009.
The figures are consistent with severe declines in other regional gauges as unprecedented shutdowns freeze large parts of the industrial economy. Regional Fed bank measures of manufacturing in New York, the Philadelphia area, and Kansas City district all showed record monthly declines.
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