Manufacturing activity in the U.S. central region contracted in November, ending the growth booked in previous months, data from the Federal Reserve Bank of Richmond showed Tuesday.
The Fifth District Survey of Manufacturing Activity's index came in at minus five points, swinging negative from a reading of three points reported in October. Economists had expected a reading of 2.5, according to a poll carried out by The Wall Street Journal.
The index is compiled by surveying manufacturing firms across the Fifth Federal Reserve District, which comprises the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia.
The downtick into contraction territory ends two months of pale growth in the region's manufacturing sector, with all components sliding back. The shipments index turned sharply negative and new orders edged down to minus five from minus four previously, while employment fell to a neutral reading from seven points.
"Firms were not optimistic about local business conditions," the Richmond Fed said. "Most firms continued to report declining backlogs and vendor lead time."
Average growth rates of prices paid were flat in November, while prices received grew at a slower rate.
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November 28, 2023 at 11:58PM
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U.S. Mid-Atlantic Factory Activity Slows - Barron's
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