Research >> Economics
Richmond Fed's Current Activity Improved Modestly to -5 in March 2023
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Fifth District manufacturing firms reported modest improvements in business conditions in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index rose from -16 in February to -5 in March. Of its three component indexes, shipments saw the largest change, rising notably from -15 in February to 2 in March. Both the employment and new orders indexes improved from February but remained in negative territory.
Firms remained pessimistic about local business conditions as the index registered -12 in March, nearly unchanged from last month. Furthermore, the index for future local business conditions edged down slightly.
Firms continued to report easing of supply chain constraints as the indexes for backlogs and lead times remained negative.
The average growth rate of prices paid decreased moderately, while the average growth rate of prices received changed little in March. Firms expect both to moderate over the next 12 months.
Posted: March 28, 2023 Tuesday 10:00 AM