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Fifth District Survey of Manufacturing Activity

Feb. 27, 2018 10 a.m.

Fifth District Manufacturing Firms Reported Robust Growth in February

Overview

Fifth District manufacturing firms saw robust growth in February, according to the results from the latest survey by the Federal Reserve Bank of Richmond. The composite manufacturing index jumped from 14 in January to 28 in February, the second highest value on record, driven by increases in shipments, orders, and employment. The wages index remained in positive territory at 23, while the available skills metric dropped from −10 in January to −17 in February. Despite greater difficulty finding skilled workers, District manufacturing firms saw strong growth in employment and the average workweek in February. Survey results show that manufacturers expect to see continued growth in the coming months.

Manufacturing firms saw growth accelerate for both prices paid and prices received, with each increasing at the highest rate since April 2017. Firms expect prices to continue to grow at a faster rate in the near future.

NOTE: Starting with the February 2018 data release, we will be reporting additional variables. Historical data files have been changed accordingly. For questions about these variables, please contact the Regional Survey Team by email or call 804-697-8702.

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Regional Survey Team
(804) 697-8702