The great thing about regional Federal Reserve bank manufacturing surveys is the anonymized comments from factory executives. The Federal Reserve Bank of Dallas report has some of the most engaging comments.
“There is a decline in optimism with regard to the business climate as well as our ability to stabilize it. The loss of domestic tranquility, the irresponsibility of governors and the Biden administration, and the loss of common defense and border security will have long-range and far-reaching consequences,” one executive at a Texas food manufacturer wrote into the Dallas Fed for the September survey.
“We are living in Alice in Wonderland … it just gets worser and worse,” wrote an executive in the Lone Star State’s machinery manufacturing sector.
This is far from the sluggish and vague comments found in the beige book. Apparently, Texans are choosing to be Texans even in surveys done by their local Federal Reserve Bank.
A look at the survey’s results shows why they are so glum. In September, the index for general business conditions dropped further into negative territory.