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Fifth District Survey of Manufacturing Activity

November 28, 2023

Fifth District manufacturing activity slowed in November, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from 3 in October to −5 in November. Of its three component indexes, shipments fell from 9 to −8, new orders edged down from −4 to −5, and employment decreased from 7 to 0.

Firms were not optimistic about local business conditions, as the index fell from −9 in October to −14 in November. The index for future local business conditions also decreased, edging down from −3 in October to −5 in November.

Most firms continued to report declining backlogs and vendor lead time as these indexes both remained negative.

The average growth rates of prices paid was more or less flat in November, while the average growth rate of prices received edged down slightly. The growth rate of prices received was below firms' expected price growth for the year ahead.

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