Central Atlantic Manufacturing Activity Slowdown Continues

Report by the Richmond Fed indicates that the manufacturing activity index for the region registered -11 in April, down from -10 in March.

RICHMOND, Va.- According to a recent Richmond Fed report, manufacturing activity in the central Atlantic Region continued to cool in April, with the index at -11, down from -10 in March.

Shipments slipped five points to -15, new orders remained stable at -11 and jobs moved up 3 points to -6.

The order backlogs index was steady at -14 and capacity utilization rose four points to -13.

Vendor delivery time dipped four points to 1, finished goods eased one point to 27 and raw materials inched up one point to 19.

Employment moved from -9 in March to -6 in April, while the average workweek rose four points to -14. The wage index decreased one point to 3.

Confidence for the next six months was shaky, with the index of expected shipments dropping seven points to 19 and new orders dropping 13 points to 18. Orders backlog dipped 2 to 11, vendor delivery times increased to 7 and capacity utilization dropped to 10. Planned capital expenditures, however, rose 4 points to 19.

The expected manufacturing employment index dropped six points to 9. The average workweek and the wage index both dipped two points to finish at 9 and 35, respectively.

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