Skip to Main Content

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.

Read Full Report
Download Current and Historical Data

Past Reports

Subscribe to Economic Data

Receive an email notification when regional surveys and reports are posted online:

Subscribe to Economic Data

By submitting this form you agree to the Bank's Terms & Conditions and Privacy Notice.

Phone Icon Contact Us

Regional Survey Team (571) 287-0448