survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index dropped to negative 7 in March from negative 6 in February.
Index readings above zero show expansion, while numbers below zero indicate contraction.
Shipments slipped to negative 9 from negative 6, the Fed reported. Volume of new orders remained at negative 9, while the backlog of orders index widened to negative 13 from negative 8.
The capacity utilization index fell to negative 14 from negative 7, while the vendor lead time index gained to 6 from zero. The number of employees index held at zero, while the average workweek index was at positive 2 after a negative 5 reading last month, and the wages index slid to 10 from 14.
As for future outlook (six months from now), the shipments index was 31, up from 17 last month, while the volume of new orders index soared to 30 from 15, and backlog of orders rose to 14 from zero. Capacity utilization jumped to 29 from 12, the vendor lead time index rose to 6 from 2, the number of employees index gained to 22 from 12, while the average workweek index was at 6, up from 3 the previous month, and the wages index was 28, after 26 last month. The capital expenditures index was 18 after 9 last month.
The finished goods inventories index dipped to 12 from 13, while the raw materials index slid to 11 from 17 the previous month.
The current trend in prices paid dipped to 0.85 in March from 1.19 in February, while falling to 0.32 from 0.47 for prices received. The expected trend for the next six months fell to 1.81 from 2.25 for prices paid, and slid to 1.15 from 1.39 for prices received.
All firms surveyed are located within the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.
