Economy
Richmond Manufacturing Survey Shows Optimism Waning
Written by Sandy Williams
May 22, 2017
The Fifth District Survey of Manufacturing Activity showed shipments and new orders fell significantly in May pulling the composite index down to 1 from 20 in April.
The index for backlogs decreased to -15 from 4 in April and vendor lead times increased to an index reading of 6 from 2. The finished goods inventory dropped points to 15 while the raw materials index slipped 7 points to a reading of 17.
Growth in prices paid and received moderated somewhat according to survey respondents.
Employee levels were relatively flat but wages increased slightly, moving the wage index from 21 to 23 for the month.
Survey respondents were generally optimistic when looking ahead to business conditions six months from now, although all components of the future index fell in May except for capital expenditures which increased from 26 to 34.
The Fifth District Survey of Manufacturing is conducted monthly by the Federal Reserve Bank of Richmond.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
New York state manufacturing index drops again in April
Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey