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Richmond Fed's latest survey decreased to -55
In December, the seasonally adjusted manufacturing index — our broadest measure of manufacturing activity — decreased to -55 from November's reading of -38. Among the index's components, shipments plummeted twenty-four points to -55, new orders fell eighteen points to -66, and the jobs index pulled back eight points to finish at -40.
Other indicators also suggested weaker activity. The capacity utilization index dropped sixteen points to -50 and the orders backlogs index declined fourteen points to -59. Furthermore, vendor delivery times shed five points to -14. Meanwhile, our gauges for inventories changed little in December from November; the finished goods inventory index edged down three points to 32, while the raw materials inventory index added two points to finish at 30.
Posted: December 23, 2008 Tuesday 10:02 PM