Fifth District Manufacturing Output Growth Falls to Four-Month Low

Source: Richmond Fed

Manufacturing output in the Fifth District fell to negative territory in May, as shipments and new orders contracted during the period. QQQ is down 3.26%, while SPY is down 2.22%.

• The composite manufacturing index stood at -9 in May, lower than the 14 recorded in the previous month.
• The indexes for shipments declined to -16 and for new orders to -15 from 6 recorded in April.
• The indicator for employment was recorded at 8, indicating a decline from 22 in the past month.
• Local business conditions fell further to -16 in May from -10 in April, while optimism for the next six months declined to -12 from -1 the past month.
• All three spending indexes posted expansion, along with a faster growth rate of prices paid.