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Fifth District Survey of Manufacturing Activity

August 27, 2024

Fifth District manufacturing activity slowed in August, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index edged down from −17 in July to −19 in August. Of its three component indexes, shipments rose from −21 to −15, new orders decreased from −23 to −26, and employment fell from −5 to −15.

Firms grew less optimistic about local business conditions, as the index decreased from −21 to −24. The index for future local business conditions fell notably from 7 to −18 in August, with fewer than 10 percent of respondents expecting conditions to improve in the next six months. However, 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 decreased slightly into negative territory. On balance, firms continued to report declining backlogs in August as that index remained negative.

The average growth rate of prices paid decreased in August. The average growth rate of prices received increased somewhat, although it remained relatively low. Firms expected little change in price growth over the next 12 months.

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Past Reports

July 23, 2024
Manufacturing Activity Worsened in July
June 25, 2024
Manufacturing Activity Slowed in June
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