Texas executives in retail, manufacturing and service preparing for a slowdown in 2023

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Executives in the service, manufacturing and retail sectors in Texas are girding for a downturn next year even as business remains relatively healthy as 2022 draws to a close.

Dan Allford, president, ARC Specialties, an automated manufacturing systems facility that builds robots for a variety of manufacturing needs, including robots for offshore oil and gas drilling. New surveys from the Federal Reserve Bank of Dallas find that executives in the state's manufacturing, service and retail sectors are girding for a slowdown next year.

"Business activity has been hurt by inflation and expectations of a recession," one administrative and support services sector executive responded."Clients are postponing all but strictly necessary projects until there is more clarity about the course of the economy."Executives pessimistic as Dallas Fed reports Texas slowdown

“Growth in input prices and wages moderated in December, while selling prices growth picked up slightly,” Jesus Cañas, a senior business economist at the Dallas Fed, said in a statement accompanying the report. “Perceptions of broader business conditions worsened further." "Our largest German customer has put new orders on hold because of the current business outlook in Europe and the effects of the Ukraine/Russia war on energy costs in Europe," a computer and electronics manufacturing executive responded.Service, retail and manufacturing executives surveyed for the December report were also asked about wages, prices and outlook concerns for 2023.

 

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