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Richmond Fed's latest survey improved to -49
In January, the seasonally adjusted manufacturing index — our broadest measure of manufacturing activity — remained negative, although it improved to -49 from December's reading of -55. Among the index's components, shipments was virtually unchanged at -54, new orders picked up sixteen points to finish at -50, and the jobs index held steady at -40.
Other indicators also suggested a slight improvement in activity although conditions in the sector remained bleak. The capacity utilization index inched up four points to -46 and the orders backlogs measure increased eighteen points to -41. Furthermore, vendor delivery times were unchanged at -14. Meanwhile, our gauges for inventories grew at a slightly quicker pace in January from December; the finished goods inventory index added ten points to 42, and the raw materials inventory index edged up two points to finish at 32.
Posted: January 27, 2009 Tuesday 10:00 AM