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- U.S. Fifth District’s manufacturing activity growth slows in August
U.S. Fifth District’s manufacturing activity growth slows in August
The
latest survey from the Federal Reserve Bank of Richmond revealed on Tuesday
that the U.S. fifth district's manufacturing activity continued to expand in August,
albeit at a slower pace than in July.
According
to the report, the composite manufacturing index dropped from 27 in July to 9
in August but remained in expansionary territory, as all three component
indexes - shipments (at 6 in August, down from 21 in July), new orders (at 5,
down from 25), and employment (at 18, down from 36) - declined steeply but remained
positive.
The
August print was the lowest since July 2020 and well below economists' forecast of 25.
A reading above 0 signals expansion, while a reading below 0 indicates
contraction.
Manufacturers
also reported that vendor lead times continued to increase and inventories
remained low, but, overall, they were optimistic that conditions would improve
in the next six months. In addition, the average growth rate of prices paid by survey
respondents fell slightly in August, while that of prices received increased.
Firms also forecast the price growth to slow over the next year, the Richmond
Fed noted.
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