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Richmond Fed's latest survey activity drops to -4
In December, the seasonally adjusted composite index of manufacturing activity — our broadest measure of manufacturing — moved down to −4 from November's reading of 1. Among the index's components, shipments dropped 12 points to −6, and new orders lost seven points to finish at −4. However, the jobs index gained seven points to end at −2.
Other indicators also suggested weaker activity. The capacity utilization measure turned negative, losing five points to −3, while the orders backlogs remained unchanged at −12, and the delivery times was virtually unchanged at −2. Our gauges for inventories were slightly higher in December. The finished goods inventory index added two points to 14 and the raw materials inventory index advanced one point to finish at 11.
Posted: December 22, 2009 Tuesday 10:00 AM