NEW YORK - Manufacturing activity in the Federal Reserve Bank of Kansas City’s region “was largely unchanged in May, although new orders for exports continued to grow,” according to the bank’s monthly manufacturing survey, released Thursday.
“Factory activity in our region was essentially flat in May following rapid growth in recent months,” said Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City. “But, survey contacts remain generally optimistic about the future and reported plans to continue expanding their workforces.”
The composite index slid to 1 in May from 14 in April, while the production index slumped to negative 2 from positive 17, volume of shipments decreased to negative 8 from positive 21, and the volume of new orders index dropped to negative 15 from positive 11, and the backlog of orders index slipped to negative 19 from positive 9. The new orders for exports index grew to 6 from 5, and the supplier delivery time index fell to 10 from 18.
The number of employees index slipped to 9 from 17, while the average employee workweek index fell to negative 3 from positive 1. The prices received for finished product index slid to 14 from 28, while the prices paid for raw materials index fell to 54 from 70.
As for the inventories indexes, materials decreased to 1 from 7, while the finished goods rose to 8 from 5.
In comparison to the same month a year ago, the composite index dipped to 30 from 31, the production index fell to 41 from 43. The shipments index slipped to 39 from 41, while new orders decreased to 37 from 40, and the backlog of orders index slid to 25 from 28. The new orders for exports index inched down to 13 from 14, and the supplier delivery time index dipped to 21 from 23.
The number of employees index held at 25, while the average employee workweek index gained to 30 from 26. The prices received for finished product index slid to 45 from 46, and the prices paid for raw materials slid to 87 from 89. The capital expenditures index jumped to 14 from 4.
As for the inventories indexes, materials rose to 25 from 22, while the finished goods index increased to 17 from 14.
In projections for six months from now, the composite index decreased to 13 from 20, the production index slipped to 29 from 30. The shipments index dropped to 26 from 37, while new orders halved to 16 from 32, and the backlog of orders index decreased to 12 from 14. The new orders for exports index grew to 17 from 12, and the supplier delivery time index slipped to 1 from 13.
The number of employees index fell to 20 from 21, while the average employee workweek index sank to negative 1 from positive 10. The prices received for finished product index decreased to 30 from 42, and the prices paid for raw materials plunged to 58 from 73. The capital expenditures index was at 18, off from 20 the prior month.
As for the inventories indexes, materials decreased to 1 from 3, while the finished goods index rose to 5 from 2.
The Tenth Federal Reserve District includes Kansas, Colorado, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri.
