Manufacturing activity in the Fifth District “was flat on balance this month following an uptick in March,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond.
The manufacturing index declined to 0 from 6 in March. Shipments slipped to 6 from 13, the Fed reported. Volume of new orders dipped to 2 from 7, while the backlog of orders index widened to negative 16 from negative 11.
The capacity utilization index slipped to negative 6 from negative 2, and the vendor lead time index reversed to negative 4 from positive 4. The number of employees index fell to negative 12 from negative 5, while the average workweek index dipped to negative 8 from negative 4, and the wages index slid to 10 from 12.