Source: Richmond Fed
Manufacturing activity in the fifth district was halved in January from the previous month, dragged by the declines in new orders and employment.
- The composite index fell to 8 in January, down from 16 in December and the 11 recorded in November.
- Drops were seen in new orders, the backlog of orders, capacity utilization, local business conditions, finished goods inventories, and services expenditures.
- Increases were recorded in shipments, vendor lead time, capital spending, and equipment and software spending.
- The employment indicator fell to 4 from 19, while wages increased to 40 from 37. The average workweek declined to 6 from 10, while the availability of skills needed stood at -19 from -21 the previous month.
- A slight increase was seen in the prices paid for the month, while a bigger jump was recorded in prices received.