Research >> Economics
Richmond Fed's Current Activity slowed to −11 in March 2024
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Fifth District manufacturing activity slowed in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from −5 in February to −11 in March. Of its three component indexes, shipments remained solidly negative at −14, new orders fell from −5 to −17, and employment fell from 7 to 0.
Firms were split about local business conditions, as the index hovered around 0. The index for future local business conditions, however, increased from 3 in February to 12 in March.
Most firms continued to report declining backlogs as the index remained negative. The vendor lead time index returned to negative territory, decreasing from 4 to −17 in March. The capacity utilization index fell from −4 to −21.
The average growth rate of prices paid and prices received decreased in March. Firms expect both growth rates to moderate further over the next 12 months.
Posted: March 26, 2024 Tuesday 10:00 AM