NEW YORK - Manufacturing activity in the Federal Reserve Bank of Kansas City’s region “eased slightly in November, but expectations for future months remained relatively solid,” according to the bank’s monthly manufacturing survey, released Wednesday.
“Factory activity in the region grew slightly slower in November than in the previous two months, and price pressures eased a bit,” said Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City. “But capital spending plans were generally solid, and many firms planned to add workers in coming months as well.”
The composite index decreased to 4 in November from 8 in October, while the production index fell to zero from 6, volume of shipments declined to zero from 7, and the volume of new orders index reversed to negative 4 from positive 3, and the backlog of orders index widened to negative 9 from negative 4. The new orders for exports index slipped to negative 2 from zero, and the supplier delivery time index rose to 12 from 9.
The number of employees index fell to 2 from 12, while the average employee workweek index reversed to negative 5 from positive 5. The prices received for finished product index dropped to 1 from 3, while the prices paid for raw materials index decreased to 12 from 24.
As for the inventories indexes, materials dipped to 8 from 9, while the finished goods rose to 17 from 9.
In comparison to the same month a year ago, the composite index dipped to 22 from 23, the production index slid to 23 from 27. The shipments index slumped to 21 from 31, while new orders decreased to 21 from 31, and the backlog of orders index grew to 8 from 5. The new orders for exports index climbed to 6 from 4, and the supplier delivery time index rose to 16 from 14.
The number of employees index slipped to 22 from 27, while the average employee workweek index slumped to 7 from 13. The prices received for finished product index fell to 37 from 42 and the prices paid for raw materials dropped to 70 from 82. The capital expenditures index gained to 23 from 18.
As for the inventories indexes, materials grew to 27 from 18, while the finished goods index increased to 23 from 10.
In projections for six months from now, the composite index dipped to 12 from 13, the production index faded to 22 from 24. The shipments index fell to 19 from 25, while new orders slid to 20 from 24, and the backlog of orders index rose to 10 from zero. The new orders for exports index decreased to 4 from 9, and the supplier delivery time index dropped to 6 from 10.
The number of employees index declined to 11 from 16, while the average employee workweek index widened to negative 5 from negative 2. The prices received for finished product index inched up to 26 from 25, and the prices paid for raw materials rose to 58 from 54. The capital expenditures index was at 17, up from 13 the prior month.
As for the inventories indexes, materials grew to zero from negative 8, while the finished goods index rose to 6 from 2.
The Tenth Federal Reserve District includes Kansas, Colorado, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri.
