Research >> Economics
Richmond Fed's Current Activity edged down to -9 in July 2023
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Fifth District manufacturing activity remained sluggish in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index edged down from −8 in June to −9 in July. Two of its three component indexes — shipments and new orders — also fell slightly. The shipments index edged down from −5 in June to −6 in July, while the new orders index fell from −16 to −20. The employment index, however, rose from −1 in June to 5 in July.
Firms remained somewhat pessimistic about local business conditions, as the index registered −9 in July. The index for future local business conditions edged downward but remained positive.
Many firms continued to report reductions in orders backlogs and vendor lead time as these indexes remained negative. Meanwhile, two of the three spending indexes increased slightly.
The average growth rates of prices paid and prices received decreased somewhat in July. Firms expect both growth rates to moderate over the next 12 months.
Posted: July 25, 2023 Tuesday 10:00 AM