Research >> Economics
Richmond Fed's Current Activity was flat to −5 in February 2024
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Fifth District manufacturing activity was flat in February, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index increased from −15 in January to −5 in February. Of its three component indexes, shipments remained solidly negative at −15, new orders increased from −16 to −5, and employment rose notably, from −15 to 7.
Firms were slightly more optimistic about local business conditions, as the index increased to 1. The index for future local business conditions edged up from 0 in January to 3 in February.
Most firms continued to report declining backlogs as the index remained negative. The vendor lead time index increased from −3 to 4 in February. The capacity utilization index rebounded notably from last month, increasing from −27 to −4 in February.
The average growth rate of prices paid decreased in February, while the average growth rate of prices received was nearly unchanged. Firms expect both growth rates to moderate over the next 12 months.
Posted: February 27, 2024 Tuesday 10:30 AM