Respondents to the Federal Reserve Bank of Kansas City's monthly manufacturing survey reported faster growth in November, with prices mixed.
"Firms reported a pickup in orders, production, and shipments in November, following some slowing in recent months," said Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City.
“Price indexes were mixed in November,” according to the report. “The month-over-month finished goods price index inched higher from 19 to 23, and the raw materials price index increased from 33 to 41. The year-over-year raw materials price index eased from 78 to 75, while the finished goods price index was basically unchanged. The future raw materials price index rose from 37 to 46, while the future finished goods price index moved slightly lower.”
The composite index gained to 15 in October from 8 in October, while the production index soared to 24 from 5, volume of shipments jumped to 31 from 14, the volume of new orders index grew to 20 from 7, and the backlog of orders index increased to 18 from 6. The new orders for exports index rose to 6 from 3 and the supplier delivery time index increased to 11 from 8.
The number of employees index slid to 6 from 8, while the average employee workweek index dipped to 3 from 4.
As for the inventories indexes, materials gained to 15 from 10, while the finished goods rose to 11 from 7.
In projections for six months from now, the composite index dipped to 16 from 21, and the production index slid to 27 from 37. The shipments fell to 25 from 34, while new orders decreased to 25 from 41, and the backlog of orders index dropped to 8 from 27. The new orders for exports index gained to 20 from 8, and the supplier delivery time index fell to 6 from 11.
The number of employees index was at 20, up from 15 last month, while the average employee workweek index rose to 12 from 7. The prices received for finished product index declined to 30 from 38. The capital expenditures index was at 23, up from 14 the prior month.
As for the inventories indexes, materials held at 3, while the finished goods index reversed to positive 8 from negative 5.
The Tenth Federal Reserve District includes Kansas, Colorado, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri.
