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Fifth District Survey of Manufacturing Activity

January 28, 2025

Fifth District manufacturing activity remained soft in January, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index increased to −4 in January from −10 in December. Of its three component indexes, shipments edged up to −9, new orders increased to −4, and employment rose to 3 from −8.

The local business conditions index fell to −5 in January from 0, while the index for future local business conditions decreased from 40 to 32. The future indexes for shipments and new orders also decreased but remained solidly in positive territory, suggesting that many firms expected improvements in the next six months.

The vendor lead time index was nearly unchanged at 10 in January. A smaller share of firms reported decreasing backlogs in January as the index increased to −5 from −13.

The average growth rates of prices paid and prices received decreased somewhat in January. Firms expected growth in both prices paid and prices received to increase over the next 12 months.

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Past Reports

Dec. 24, 2024
Manufacturing Activity Remained Soft in December
Nov. 26, 2024
Manufacturing Activity Remained Sluggish in November
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Regional Survey Team