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Richmond Fed's latest survey drops to -38
In November, the seasonally adjusted manufacturing index — our broadest measure of manufacturing activity — decreased to -38 from October's reading of -26. Among the index's components, shipments lost seven points to -31, new orders fell thirteen points to -48, and the jobs index plummeted seventeen points to finish at -32.
Other indicators also suggested weaker activity. The capacity utilization index declined seven points to -34 and the orders backlogs shed five points to -45. Furthermore, vendor delivery times held steady at -9, while our gauges for inventories changed little in November from October. The finished goods inventory index edged up two points to 35, while the raw materials inventory index added one point to finish at 28.
Posted: November 25, 2008 Tuesday 10:04 AM