Manufacturing activity in the Federal Reserve Bank of Kansas City’s region “was somewhat weak in February, but firms’ expectations for future factory activity were stronger than in January and generally positive,” according to the bank’s monthly manufacturing survey, released yesterday.
The production index decreased to negative 5 in February from positive 7 in January.
In the other monthly indexes, the volume of shipments index dropped to negative 5 from positive 2, while the volume of new orders index decreased to 6 from 15, and backlog of orders index fell to zero from 2. The new orders for exports index dropped to 4 from 8, and the supplier delivery time index slid to 7 from 10.
The number of employees index reversed to negative 5 from positive 8, while the average employee workweek index remained at negative 3. The prices received for finished product index was at 13, down from 15 the prior month, while the prices paid for raw materials index soared to 58 from 47.
As for the inventories indexes, materials improved to negative 2 from negative 4, while the finished goods rebounded to 7 from 3.
In comparison to the same month a year ago, the production index doubled to 10 from 5. The shipments index increased to 13 from 11, while new orders fell to 13 from 18, and the backlog of orders index declined to negative 3 from positive 2. The new orders for exports index slid to 8 from 18, and the supplier delivery time index doubled to 10 from 5.
The number of employees index inched down to 8 from 10, while the average employee workweek index slipped to negative 3 from zero. The prices received for finished product index was up to 53 from 51, and the prices paid for raw materials gained to 84 from 75. The capital expenditures index was at 15, up from 12 the prior month.
As for the inventories indexes, materials gained to 4 from zero, while the finished goods index improved to 10 from zero.
In projections for six months from now, the expectations for production index rose to 26 from 18. The shipments index doubled to 30 from 17, while the new orders index decreased to 21 from 23 and the backlog of orders index slipped to 12 from 13. The new orders for exports index was at 21, up from 15 the prior month, and supplier delivery time index rose to 8 from 4.
The number of employees index fell to 11 from 18, while the average employee workweek index remained at zero. The prices received for finished product index increased to 41 from 40 and the prices paid for raw materials index jumped to 73 from 61. The capital expenditures index rose to 19 from 9.
As for the inventories indexes, materials reversed to positive 5 from negative 8, while the finished goods rose to positive 1 from negative 10.
