U.S. Mid-Atlantic Factory Activity Slows in December
December 27 2023 - 10:54AM
Dow Jones News
By Emon Reiser
Manufacturing activity in the U.S. central region slowed for the
second consecutive month after improving sluggishly in the months
prior, data from the Federal Reserve Bank of Richmond showed
Wednesday.
The Fifth District Survey of Manufacturing Activity index came
in at minus 11 points from the minus five reported in November.
Economists had expected a reading of minus six, according to a poll
carried out by The Wall Street Journal.
The index is compiled by surveying manufacturing firms across
the Fifth Federal Reserve District, which comprises the District of
Columbia, Maryland, North Carolina, South Carolina, Virginia and
most of West Virginia.
Shipments, new orders and employment all decreased in December.
Shipments were once again sharply negative, to minus 17 from minus
eight the month before, while employment edged down to minus one
from neutral.
"Firms remained generally pessimistic about local business
conditions, as the index edged up but remained in negative
territory," the Richmond Fed said.
Average growth rates of prices paid and prices received
increased in December. Expected price changes over the next 12
months also increased slightly.
Write to Emon Reiser at emon.reiser@wsj.com; @emonreiser
(END) Dow Jones Newswires
December 27, 2023 10:39 ET (15:39 GMT)
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