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Fifth District Survey of Manufacturing Activity

October 22, 2024

Fifth District manufacturing activity remained slow in October, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index increased from −21 in September to −14 in October. Of its three component indexes, shipments increased from −18 to −8, new orders rose from −23 to −17, and employment increased from −22 to −17.

The local business conditions index increased modestly but remained in negative territory, while the index for future local business conditions increased notably from −6 to 21 in October. The future indexes for shipments and new orders both increased further into positive territory, suggesting that firms continued to expect improvements in these areas over the next six months.

The vendor lead time index increased from −4 in September to 6 in October. On balance, firms continued to report declining backlogs in October as that index remained negative.

The average growth rate of prices paid decreased in October, while the average growth rate of prices received increased slightly. Firms expected little change in price growth over the next 12 months.

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Past Reports

Sept. 24, 2024
Manufacturing Activity Remained Sluggish in September
Aug. 27, 2024
Manufacturing Activity Slowed in August
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