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Fifth District Survey of Manufacturing Activity

June 25, 2024

Fifth District manufacturing activity slowed in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from 0 in May to −10 in June. Of its three component indexes, shipments fell notably from 13 to −9, new orders decreased from −6 to −17, and employment rose from −6 to −2.

Firms grew notably less optimistic about local business conditions, as the index fell from 3 to −15. The index for future local business conditions, however, increased from 6 in May to 10 in June. The future indexes for shipments and new orders remained solidly in positive territory, suggesting that firms continued to expect improvements in these areas over the next six months.

Although the vendor lead time index increased, on balance, firms continued to report declining backlogs and vendor lead times in June, as those indexes both remained negative.

The average growth rate of prices paid and prices received increased in June. Firms expected price growth to moderate slightly over the next 12 months.

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