,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,, ,"November 25, 2008 ",,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,, ,,,"The Survey of Fifth District Manufacturing Activity",,,,,,,,,,,,,,,,,,,,,, ,,,Federal Reserve Bank of Richmond,,,,,,,,,,,,,,,,,,,,,, ,Each index equals the percentage of responding firms reporting increase minus the percentage reporting decrease. Data are seasonally adjusted. Results are based on responses from 87 of 174 firms surveyed.,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,, ,,Business activity indexes,,,,,,,,,,,,,,,,HTML SECTIONS,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,November,October,September,"3-Month Average",,,,,,,,,,,,,,,, ,,,Compared to the previous month ,,,,,,,,,,,,,,,Table Section1,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,, ,,,Manufacturing Index*,,,-38,-26,-18,-28,,,,,,,,,Manufacturing Index*,0,1,-4,-1,,, ,,,,,,,,,,,,,,,,,,,,,,,,, ,,,Shipments,,,-31,-24,-16,-24,,,,,,,,,Shipments,-31,-24,-16,-24,,, ,,,Volume of new orders,,,-48,-35,-23,-36,,,,,,,,,Volume of new orders,-48,-35,-23,-36 ,,,Backlog of orders,,,-45,-40,-24,-37,,,,,,,,,Backlog of orders,-45,-40,-24,-37 ,,,Capacity utilization,,,-34,-27,-15,-25,,,,,,,,,Capacity utilization ,-34,-27,-15,-25 ,,,Vendor lead-time,,,-9,-9,0,-6,,,,,,,,,Vendor lead time ,-9,-9,0,-6 ,,,Number of employees,,,-32,-15,-13,-20,,,,,,,,,Number of employees,-32,-15,-13,-20 ,,,Average workweek,,,-30,-14,-2,-15,,,,,,,,,Average workweek,-30,-14,-2,-15 ,,,Wages,,,-3,-4,-2,-3,,,,,,,,,Wages ,-3,-4,-2,-3 ,,,,,,,,,,,,,,,,,,,,,, ,,,Six months from now ,,,,,,,,,,,,,,,Table Section2,,,, ,,,Shipments,,,12,6,11,10,,,,,,,,,Shipments,12,6,11,10 ,,,Volume of new orders,,,14,6,5,8,,,,,,,,,Volume of new orders ,14,6,5,8 ,,,Backlog of orders,,,1,-1,0,0,,,,,,,,,Backlog of orders ,1,-1,0,0 ,,,Capacity utilization,,,13,5,5,8,,,,,,,,,Capacity utilization ,13,5,5,8 ,,,Vendor lead-time,,,-4,-4,-6,-5,,,,,,,,,Vendor lead time ,-4,-4,-6,-5 ,,,Number of employees,,,-17,-19,-8,-15,,,,,,,,,Number of employees,-17,-19,-8,-15 ,,,Average workweek,,,8,-3,-10,-2,,,,,,,,,Average workweek,8,-3,-10,-2 ,,,Wages,,,29,29,22,27,,,,,,,,,Wages ,29,29,22,27 ,,,Capital Expenditures,,,-35,-18,-6,-20,,,,,,,,,Capital Expenditures ,-35,-18,-6,-20 ,,,,,,,,,,,,,,,,,,End Table Section2,,,, ,,,Inventory levels ,,,,,,,,,,,,,,,Table Section3,,,, ,,,Finished goods inventories,,,35,33,28,32,,,,,,,,,Finished goods inventories ,35,33,28,32 ,,,Raw materials inventories ,,,28,27,25,27,,,,,,,,,Raw materials inventories ,28,27,25,27 ,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,, ,,Price trends ,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,, ,,,"(percent change, annualized)",,,,November,October,September,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,, ,,, Current trends ,,,,,,,,,,,,,,,Table Section4,,,, ,,,Prices paid,,,,1.51,3.66,3.85,,,,,,,,,Prices paid,1.51,3.66,3.85, ,,,Prices received,,,,-1.19,2.06,1.68,,,,,,,,,Prices received,-1.19,2.06,1.68, ,,,,,,,,,,,,,,,,,,,,, ,,, Expected trends during next six months ,,,,,,,,,,,,,,,Table Section5,,, ,,,Price paid,,,,4.20,4.19,3.83,,,,,,,,,Price paid,4.20,4.19,3.83 ,,,Prices received,,,,2.65,2.51,1.94,,,,,,,,,Prices received,2.65,2.51,1.94 ,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,, ,"All firms surveyed are located within the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia. ",,,,,,,,,,,,,,,,,,,, ,"*The Manufacturing Index is a gauge of broad activity in the District's manufacturing sector. It is a composite index representing a weighted average of the shipments (33 percent), new orders (40 percent) and employment (27 percent) indexes.",,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,, ,"See page 1 for text. For further information, contact:",,,,,,,,,,,,,,,,,,,, ,,"Judy Cox; phone (804) 697-8152; fax (804) 697-8123; Federal Reserve Bank of Richmond; Research Department-22; P.O. Box 27622; Richmond, VA 23261; e-mail: Judy.Cox@rich.frb.org",,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,