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Fifth District Survey of Manufacturing Activity

August 26, 2025

Fifth District manufacturing activity remained soft in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index rose to −7 in August from −20 in July, remaining in negative territory. All three of its component indexes increased but remained negative. Shipments increased to −5 from −18, new orders rose to −6 from −25, and employment increased to −11 from −16.

The local business conditions index increased to 0 in August. The index for future local business conditions fell to −10 from −2. The future index for shipments increased to 13 from 11, while the future index for new orders remained unchanged at 9. The future index for employment increased to 3 from −10.

The vendor lead time index increased to 11 in August, while the backlog of orders index rose to −12 from −30.

The average growth rate of prices paid increased notably, while growth in prices received was nearly unchanged in August. Firms expected growth in prices paid to remain elevated and expected growth in prices received to increase over the next 12 months.

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