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Fifth District Survey of Manufacturing Activity

July 23, 2024

We have discontinued the seasonally adjusted prices paid and prices received indexes and are instead reporting only the not seasonally adjusted prices paid and prices received indexes. Please contact our survey team at Rich.RegionalSurveyTeam@rich.frb.org for more information.

Fifth District manufacturing activity worsened in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from −10 in June to −17 in July. Of its three component indexes, shipments fell notably from −9 to −21, new orders decreased from −16 to −23, and employment edged down from −2 to −5.

Firms grew less optimistic about local business conditions, as the index fell from −13 to −21. The index for future local business conditions edged down from 9 to 7 in July. 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.

The vendor lead time index increased into slightly positive territory for only the second time in two years. Firms continued to report declining backlogs in July as that index remained negative.

The average growth rate of prices paid and prices received decreased in July. Firms expected little change in price growth over the next 12 months.

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Past Reports

June 25, 2024
Manufacturing Activity Slowed in June
May 29, 2024
Manufacturing Activity Improved but Remained Sluggish in May
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