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Richmond Fed's latest survey continues improvement to -9
In April, the seasonally adjusted manufacturing index — our broadest measure of manufacturing activity — contracted at a less pronounced rate to -9 from March's reading of -20. Among the index's components, shipments gained twelve points to -3, new orders rose eighteen points to finish at -2, and the jobs index edged up two points to end at -26.
Other indicators also suggested more moderate weakness. The orders backlogs measure jumped twenty-two points to -15 and vendor delivery times inched up seven points to end at -9. Moreover, the capacity utilization index held almost steady at -13, while our gauges for inventories grew at a slightly slower pace in April than they did in March. The finished goods inventory index dropped four points to 40, and the raw materials inventory index trimmed six points to 27.
Posted: April 28, 2009 Tuesday 10:00 AM