Tenth District manufacturing activity declined at a slightly slower pace in March, and firms’ expectations for future activity improved somewhat over last month. Price indexes in the survey remained mostly negative.

The net percentage of firms reporting month-over-month increases in production in March was -21, up from -24 in February and -25 in January. Production indexes improved slightly at both durable and non-durable-goods producing plants. Most other month-over-month indexes showed slight upturns but still remained quite negative. The shipments index edged up slightly from -20 to -15, and the order backlog and new orders for exports indexes also rose marginally. In contrast, the employment index fell to another historical low and the new orders for exports index also eased down. The raw materials inventory index continued its downward slide, while the finished goods inventory index was basically unchanged.