Research >> Economics
Richmond Fed's Current Activity slowed to -11 in December 2023
Fifth District manufacturing activity slowed in December, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from −5 in November to −11 in December. Of its three component indexes, shipments fell from −8 to −17, new orders decreased from −5 to −14, and employment edged down from 0 to −1.
Firms remained generally pessimistic about local business conditions, as the index edged up but remained in negative territory. The index for future local business conditions was unchanged at −5 in December.
Most firms continued to report declining backlogs as the index remained negative. The vendor lead time index increased from −4 to 1 in December, the first positive reading since June 2022.
The average growth rates of prices paid and prices received increased in December, and expected price changes over the next 12 months also increased slightly.
Posted: December 27, 2023 Wednesday 10:00 AM