Research >> Economics
Richmond Fed's Current Activity increased to 13 in March 2022
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Fifth District manufacturing activity improved in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index increased from 1 in February to 13 in March, with increases in all three of the component indexes — shipments, volume of new orders, and number of employees. Notably, the shipments index increased from −11 in February to 9 in March. The volume of new orders also increased from −3 in February to 10 in March.
The order backlogs index turned positive again in March after being negative in February (the first negative reading since June 2020). The vendor lead time index continued to be high, indicating that most firms were still reporting growing lead times.
The index for both finished goods and raw materials inventories remained low, and firms expected that to persist for the foreseeable future. In general, firms continued to report increased hiring and rising wages. Additionally, the index for the average workweek increased notably in March.
The average growth rate of prices paid remained elevated but continued a three-month downward progression in March. However, average growth in prices received inched up in March.
Posted: March 22, 2022 Tuesday 10:00 AM