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.
As for the future outlook six months from now, the shipments index was 15, unchanged from the 15 posted last month, while the volume of new orders index jumped to 19 from 6 and the backlog of orders grew to 15 from 4.