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Texas manufacturing declines fastest in 11 years, Fed says

HOUSTON — Texas manufacturing slowed the most in 11 years this month amid crashing crude prices and a rising dollar, the Dallas Fed said Monday, as previously reported signs of a sharp incoming slowdown finally materialized.

The Federal Reserve Bank of Dallas’ previous gloomy forecasts for new orders and other growth indexes came true in January “in a big way, with some indexes reaching levels not seen since the last recession,” Dallas Fed business economist Emily Kerr said in a written statement.

The Dallas Fed’s production index, a broad measure of Texas manufacturing, fell by 23 points to -10.2, after three months of growth. Fed data show it was the sharpest one-month decline since January 2005 and the second-lowest reading since the national financial crisis in 2009.

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