Fifth District Survey of Manufacturing Activity

Dec. 26, 2017 10 a.m.

Fifth District Manufacturing Firms Reported Moderate Growth in December

Overview

According to the latest survey by the Federal Reserve Bank of Richmond, Fifth District manufacturing firms saw moderate growth in December. The composite index moved down from its record high November reading of 30 to 20 but remained positive, indicating continued growth. The decrease in the composite index resulted from declines in the indexes for shipments and new orders; but the third component, employment, increased in December. Indicators of wages and inventories also rose. While most other indicators of current conditions moved lower, they remained positive with the exception of the index for backlog of orders, which fell from 21 to −4.

Manufacturing firms remained optimistic, as all expectations indicators increased except for vendor lead time, which dipped from 10 to 7.

District manufacturing firms reported continued price growth in December, although this growth slowed in both prices paid and prices received. However, firms expected an increase in price growth in the coming six months.

Charts

Index Table

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Regional Survey Team
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