Research >> Economics
Richmond Fed's Current Activity Fell to -10 in April 2023
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Fifth District manufacturing firms reported deterioration in business conditions in April, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from −5 in March to −10 in April. Two of its three component indexes — shipments and new orders — declined. The shipments index dropped from 2 in March to −7 in April, while the new orders index fell from −11 to −20. The employment index, however, rose slightly from −5 in March to 0 in April.
Firms remained pessimistic about local business conditions, as the index fell to −19 in April. Furthermore, the expectations index for future local business conditions edged down slightly again.
Many firms continued to report reductions in order backlogs and vendor lead time as these indexes remained negative.
The average growth rate of prices paid increased somewhat, while the average growth rate of prices received changed little in April. Firms expect both to moderate over the next 12 months.
Posted: April 25, 2023 Tuesday 10:00 AM