NEW YORK - Manufacturing activity in the Federal Reserve Bank of Kansas City’s region “matched an all-time survey high in February, and firms expected strong activity in the months ahead. Prices for raw materials continued to rise, and more firms were raising finished goods prices,” according to the bank’s monthly manufacturing survey, released Thursday.
The composite index rose to 19 from 7 in January, while the production index surged to 23 from 11, volume of shipments increased to 13 from 5, and the volume of new orders index soared to 28 from zero, and the backlog of orders index climbed to 8 from 2. The new orders for exports index rose to 14 from 5, and the supplier delivery time index rose to 15 from 11.
The number of employees index spurted to 23 from 8, while the average employee workweek index crept to 8 from 6. The prices received for finished product index grew to 20 from 11, while the prices paid for raw materials index slipped to 66 from 70.
As for the inventories indexes, materials decreased to 6 from 7, while the finished goods slipped to 1 from 3.
In comparison to the same month a year ago, the composite index slid to 21 from 23, the production index grew to 34 from 29. The shipments index crept to 29 from 28, while new orders inched up to 35 from 34, and the backlog of orders index fell to 16 from 25. The new orders for exports index grew to 22 from 13, and the supplier delivery time index slipped to 17 from 18.
The number of employees index decreased to 13 from 17, while the average employee workweek index dipped to 21 from 22. The prices received for finished product index rose to 30 from 24, and the prices paid for raw materials climbed to 80 from 73. The capital expenditures index gained to 10 from 2.
As for the inventories indexes, materials fell to 7 from 18, while the finished goods index declined to 5 from 12.
In projections for six months from now, the composite index increased to 30 from 20, the production index surged to 50 from 24. The shipments index soared to 53 from 23, while new orders jumped to 42 from 28, and the backlog of orders index increased to 20 from 8. The new orders for exports index rose to 25 from 11, and the supplier delivery time index gained to 17 from 15.
The number of employees index grew to 27 from 21, while the average employee workweek index climbed to 8 from 5. The prices received for finished product index increased to 39 from 28, and the prices paid for raw materials rose to 76 from 71. The capital expenditures index was at 23, up from 17 the prior month.
As for the inventories indexes, materials increased to 14 from 13, 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.
