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
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.