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Fifth District Survey of Manufacturing Activity

July 22, 2025

Fifth District manufacturing activity deteriorated in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell to −20 in July from −8 in June, remaining in negative territory. All three of its component indexes fell. Shipments decreased to −18 from −5, new orders dropped to −25 from −12, and employment fell to −16 from −6.

The local business conditions index increased to −11 in July. The index for future local business conditions rose to −2 from −7. The future indexes for shipments and new orders increased, with shipments rising to 11 from 6 and new orders edging up to 9 from 6. The future index for employment decreased to −10 from −4.

The vendor lead time index decreased to 7 in July, while the backlog of orders index fell to −30 from −18.

The average growth rates of prices paid and prices received decreased somewhat in July. Firms expected growth in prices paid to remain nearly unchanged and expected growth in prices received to increase over the next 12 months.

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