Manufacturing activity in the central Atlantic region advanced for the seventh straight month in August, albeit at a more moderate pace, according to a monthly business activity survey by the Federal Reserve Bank of Richmond.
Shipments, new orders, and employment continued to grow in August, but did so at a slower rate than in July. Other indicators were mixed. Capacity utilization grew nearly on a par with July, while growth in backlogs flat-lined. Vendor delivery times grew at a quicker rate and manufacturers reported somewhat faster growth in finished goods inventories.