“Manufacturing activity in the central Atlantic region expanded in May for the sixth consecutive month but at a more moderate pace than a month ago,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond.
The manufacturing index tumbled to 4 in May from 14 in April.
Readings above zero show expansion.
Shipments slipped to zero from 18, the Fed reported. Volume of new orders fell to 1 from 13, while the backlog of orders index slid to negative 18 from positive 2.
Future expectations remained near last month’s levels.