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Richmond Fed's latest survey improved to -20
In March, the seasonally adjusted manufacturing index — our broadest measure of manufacturing activity — remained negative, although it improved to -20 from February's reading of -51. Among the index's components, shipments jumped forty-one points to -15, new orders rose thirty-four points to finish at -20, and the jobs index picked up thirteen points to end at -28.
Other indicators also suggested more moderate weakness. The orders backlogs measure increased fourteen points to -37 and vendor delivery times inched up six points to end at -16. Moreover, the capacity utilization index leaped thirty points to -14, while our gauges for inventories were mixed in March. The finished goods inventory index advanced four points to 44, while the raw materials inventory index was virtually unchanged at 33.
Posted: March 24, 2009 Tuesday 10:00 AM