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Fifth District Survey of Manufacturing Activity

November 22, 2022

Some Fifth District manufacturing firms reported softening conditions in November, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index remained negative but edged up from −10 in October to −9 in November. Of its three component indexes, the indexes for shipments and employment deteriorated slightly, edging downward to −8 and −1, respectively. The third component index, volume of new orders, however, showed some improvement, increasing from −22 to −14 in November.

The wage index decreased notably from 34 to 25 in November but remained elevated. The local business conditions index rose from −16 in October to −6 in November, with considerably fewer firms pessimistic about conditions over the next six months.

Despite dramatic improvements throughout this year, supply chain issues appeared to persist for some firms, as the indexes for vendor lead time and backlog of orders increased slightly.

The average growth rate of prices paid decreased in November, while the average growth rate of prices received increased somewhat. Expectations for prices paid over the next 12 months decreased slightly since last month, while expectations for prices received increased slightly. Both remained at levels much lower than current price trends.

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Regional Survey Team (571) 287-0448