Manufacturing activity in the Fifth District “edged lower this month following generally stable growth in April,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, released yesterday.

The manufacturing index declined to negative 3 from zero in April. Shipments slipped to negative 1 from positive 6, the Fed reported. Volume of new orders dipped to negative 4 from positive 2, while the backlog of orders index narrowed to negative 5 from negative 16.

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