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Richmond Fed's latest survey decreased to -51
In February, the seasonally adjusted manufacturing index — our broadest measure of manufacturing activity — decreased to -51 from January's reading of -49. Among the index's components, shipments slipped two points to -56, new orders inched down four points to finish at -54, and the jobs index was virtually unchanged at -41.
Other indicators also suggested further weakening. The orders backlogs measure decreased ten points to -51 and vendor delivery times lost eight points to end at -22. Moreover, the capacity utilization index edged up two points to -44, while our gauges for inventories changed little in February. The finished goods inventory index trimmed two points to 40, while the raw materials inventory index advanced two points to finish at 34.
Posted: February 24, 2009 Tuesday 10:00 AM