Manufacturing activity in the central Atlantic region "slowed in November," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index slipped to negative 3 in November from negative 1 in October.
Index readings above zero show expansion, while numbers below zero indicate contraction.
Shipments narrowed to negative 2 from negative 4, the Fed reported. Volume of new orders fell to negative 6 from zero, while the backlog of orders index decreased to negative 16 from negative 7.
The capacity utilization index climbed to zero from negative 14, while the vendor lead time index crept to negative 1 from negative 2. The number of employees index fell to zero from 3, while the average workweek index was at negative 3 after a negative 5 reading last month, and the wages index dropped to 6 from 17.
As for future outlook (six months from now), the shipments index was 21, down from 42 last month, while the volume of new orders index slid to 27 from 44, and backlog of orders remained at 21. Capacity utilization fell to 24 from 28, the vendor lead time index declined to negative 2 from positive 5, the number of employees index fell to 11 from 19, while the average workweek index was at 12, unchanged from the previous month, and the wages index was 22, after 37 last month. The capital expenditures index was 6 after 21 last month.
The finished goods inventories index fell to 20 from 25, while the raw materials index gained to 29 from 26 the previous month.
The current trend in prices paid crept to 0.61 in November from 0.58 in October, while growing to positive 0.22 from negative 0.10 for prices received. The expected trend for the next six months rose to 1.21 from 0.78 for prices paid, and increased to 1.09 from 0.39 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.
