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Fifth District Survey of Manufacturing Activity

Nov. 28, 2018 10 a.m.

Fifth District Manufacturing Activity Grew Moderately in November

Overview

Fifth District manufacturing activity grew moderately in November, according to results of the most recent survey from the Federal Reserve Bank of Richmond. The composite index slipped from 15 in October to 14 in November, pulled down by drops in the indexes for new orders and employment, while the other component, the index for shipments, rose. However, all three continued to reflect expansion, as did most other measures of manufacturing activity. Firms were optimistic, expecting growth to continue in the next six months.

While survey results suggested growth in employment and wages among manufacturing firms in November, the struggle to find workers with the required skills persisted. The skills index dropped to a record low of −26, and respondents expected this difficulty to persist in the near future.

Both prices paid and prices received grew in November, although at a slower rate than in October. Prices paid continued to grow faster than prices received, but respondents expected growth in prices received to accelerate in the coming months.

Charts

Index Table

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Regional Survey Team (804) 697-8702