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Richmond Fed's latest survey activity drops to 7
In October, the seasonally adjusted composite index of manufacturing activity — our broadest measure of manufacturing — moved down to 7 from September's reading of 14. Among the index's components, shipments dropped 11 points to 11, new orders lost six points to finish at 7, and the jobs index eased three points to end at 2.
Other indicators varied. The capacity utilization measure declined 12 points to 4, and the orders backlogs fell six points to −11, while the delivery times was virtually unchanged at −2. Our gauges for inventories were mixed in October. The finished goods inventory index trimmed four points to 14, while the raw materials inventory index held steady at 12.
Posted: October 27, 2009 Tuesday 10:00 AM