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Richmond Fed's latest survey increases in May
In May, the seasonally adjusted manufacturing index — our broadest measure of manufacturing activity — jumped to 4 from April's reading of −9. Among the index's components, shipments gained twelve points to 9, new orders rose twelve points to finish at 10, and the jobs index advanced fourteen points to end at −12.
Other indicators varied. The orders backlogs and vendor delivery times did not quite escape negative territory but gained twelve and five points, respectively. The capacity utilization index turned positive, picking up eighteen points to 5, while our gauges for inventories grew at a slightly slower pace in May than they did in April. The finished goods inventory index dropped five points to 35, and the raw materials inventory index trimmed six points to 21.
Posted: May 26, 2009 Tuesday 10:00 AM