Research >> Economics
Kansas City Fed Manufacturing activity declined sharply
|
Tenth District manufacturing activity continued to decline sharply in February, and firms’ expectations for future activity weakened considerably. Price indexes in the survey continued to fall, with most now in negative territory.
The net percentage of firms reporting month-over-month increases in production in February was -24, similar to the -25 reading in January, but down slightly from -18 in December. Production fell less at durable-goods producing plants than in recent months, but took a slight downturn at non-durable-goods producing plants, particularly among food manufacturers. All other month-over-month indexes showed mixed results from January but remained generally quite negative. The shipments index edged up slightly from -22 to -20, and the order backlog and new orders for exports indexes also rose marginally. The employment index remained unchanged at -40, the lowest level in survey history. Both inventory indexes experienced additional declines, particularly for finished goods.
Posted: February 26, 2009 Thursday 11:00 AM