Manufacturing activity in the central Atlantic region expanded for a fifth consecutive month in June, albeit at a slower pace, according to the Federal Reserve Bank of Richmond’s monthly business activity survey.
“Growth in backlogs moderated considerably this month,” the survey said.
The survey covers the Carolinas, the District of Columbia, Maryland, Virginia and West Virginia.
The headline reading fell to 23 in June from 26 in May. Shipments slipped to 31 from 32. Volume of new orders slowed to 25 from 36, while the backlog of orders index dropped to 3 from 16.
As for the six-month outlook, the shipments index was 40, down from 55 last month, the volume of new orders index dipped to 38 from 50, and the backlog of orders rose to 22 from 19.