Economy

Richmond Fed Manufacturing Index Surges 12 Points in November
Written by Sandy Williams
November 26, 2013
The Fifth District Manufacturing Index surged to 13 in November from an index reading of 1 in October. According to the Federal Reserve Bank of Richmond, almost all business activity indicators rose except for capacity utilization and backlog of orders, which were flat for the month.
The index for shipments advanced 18 points while the new orders index rose 15 points compared to October. Lead times were somewhat shorter and inventories were slightly leaner. Prices for raw materials and finished goods rose at a slower pace in November. Employment, wages and work week all rose during the month.
Manufacturing producers are expecting business conditions to continue to strengthen over the next six months. The index for future shipments rose 7 points to 37 and new orders rose 10 points to 33. Capital spending is expected to pick up and hiring to increase.
Manufacturers expect the slowing trend for input prices to continue in the coming six months, leading to an annualized rate of 1.75 percent. Finished goods prices are expected to increase at a 1.22 percent annualized rate, up from an expectation of 0.90 percent growth in the last survey.
The Fifth Federal Reserve District includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia.

Sandy Williams
Read more from Sandy WilliamsLatest in Economy

Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.

ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.