“The pullback in Fifth District manufacturing activity deepened this month after edging lower in May,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, released yesterday.
The manufacturing index declined to negative 12 from negative 3 in May. Shipments slipped to negative 11 from negative 1, the Fed reported. Volume of new orders dipped to negative 13 from negative 4, while the backlog of orders index widened to negative 21 from negative 5.
The capacity utilization index declined to negative 9 from negative 6, and the vendor lead time index dropped to 2 from 12. The number of employees index declined to negative 12 from negative 4, while the average workweek index was zero after a negative 7 reading last month, and the wages index slid to 6 from 9.