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Fifth District Survey of Manufacturing Activity

August 22, 2023

Fifth District manufacturing activity remained sluggish in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index edged up from −9 in July to −7 in August. Two of its three component indexes — shipments and new orders — also increased. The shipments index edged up from −6 in July to −5 in August, while the new orders index rose from −20 to −11. However, the third component index — the employment index — fell from 5 in July to −3 in August.

Firms grew more optimistic about local business conditions, as the index rose notably to 2 in August. The index for future local business conditions also increased, from 1 in July to 10 in August.

Many firms continued to report reductions in orders backlogs and vendor lead time as these indexes remained negative. Meanwhile, all three of the spending indexes decreased, with the services expenditures index decreasing the most.

The average growth rates of prices paid and prices received decreased somewhat in August, with the growth rate of prices paid dipping below firms' year-ahead expectations.

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Past Reports

July 25, 2023
Manufacturing Activity Remained Sluggish in July
June 27, 2023
Manufacturing Activity Remained Relatively Flat in June
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Regional Survey Team (571) 287-0448