Manufacturing activity in the central Atlantic region "was little changed in September," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index dropped to zero from 14 in August.
Index readings above zero show expansion, while numbers below zero indicate contraction.
Shipments slumped to negative 1 from positive 17, the Fed reported. Volume of new orders declined to 5 from 16, while the backlog of orders index widened to negative 7 from negative 6.
The capacity utilization index dipped to 1 from 3, while the vendor lead time index held at 1. The number of employees index reversed to negative 6 from positive 6, while the average workweek index was at negative 4 after a positive 8 reading last month, and the wages index remained 13.
As for future outlook (six months from now), the shipments index was 39, up from 36 last month, while the volume of new orders index rose to 35 from 33, and backlog of orders jumped to 18 from 15. Capacity utilization gained to 29 from 24, the vendor lead time index decreased to 6 from 10, the number of employees index rose to 17 from 9, while the average workweek index was at 8, down from 10 the previous month, and the wages index was 26, off from 28 last month. The capital expenditures index was 31 after 15 last month.
The finished goods inventories index slid to 11 from 13, while the raw materials index grew to 14 from 13 the previous month.
The current trend in prices paid surged to 2.44 in September from 0.99 in August, while soaring to 1.98 from 0.69 for prices received. The expected trend for the next six months rose to 2.26 from 2.15 for prices paid, and grew to 1.73 from 1.23 for prices received.
All firms surveyed are located within the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.
