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Financial News: Richmond Fed Manufacturing Index Falls More Than Expected

Richmond Fed Manufacturing Index Falls More Than Expected

03/26/2024 - 13:19:00 (RTTNews)

(RTTNews) - The Richmond Fed manufacturing index slowed in March, after improvement in the previous month, survey data showed Tuesday.

The Fifth District Manufacturing Activity index dropped to -11 from -5 in February. Economists had expected the measure to remain unchanged.

Among its three component indexes, shipments remained solidly negative at ?14 versus -15 in each of the previous two months.

The new orders subindex fell to ?17 from -5, and the employment indicator slid to 0 from 7.

Firms were divided in their assessment of local business conditions and the index hovered around 0. Meanwhile, the index for future local business conditions, climbed to 12 from 3 in February.

The backlogs sub-index remained negative at -25 versus -15 in the previous month, as most firms reported declines.

The vendor lead time index sunk to -17 from 4 in the previous month. The capacity utilization index plunged to -21 from -4.

The average growth rate of prices paid and prices received decreased in March and firms expect both growth rates to moderate further over the next 12 months, the survey said.

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