“The pullback in Fifth District manufacturing activity intensified in January,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond.

The manufacturing index slipped to negative 8 in January from negative 4 in December. Shipments declined to negative 17 from negative 10, the Fed reported. Volume of new orders improved to negative 3 from negative 6, while the backlog of orders index increased to negative 12 from negative 19.

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