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Economy

Dallas Fed Report Posts Big Disappointment

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By Jon C. Ogg Published
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The Dallas Federal Reserve’s July Business Activity report came in with a huge disappointment this morning. The reading was all the way down at -13.2 for the month of July from 5.8 in June. The production component fell to 12.0 in July from 15.5 in June. Bloomberg had pegged the consensus estimate at +2.5 for July and the range from economists was put at -2.0 to 6.5 for the month.

This was not just a miss. It was a miss by a mile, and there were no tropical storms that could be blamed. The prior report showed that the Dallas Fed general business activity index in its Texas manufacturing survey rose to +5.8 in June from -5.1 the month before.

Today appears to have marked the lowest reading in 10 month,s despite the notion that orders and jobs expanded in the report. Maybe the gains in oil and gas infrastructure are just getting harder and harder to keep adding upon.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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