Tenth District manufacturing activity declined moderately in April, while expectations for future activity remained positive. Price indexes increased versus last month but decreased from the previous year and are not expected to change significantly over the next ...

Fifth District manufacturing firms reported deterioration in business conditions in April, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from −5 in March to −10 in April. Two of its three component indexes — shipments and new orders — declined. The shipments index dropped ...

Responses to the April Nonmanufacturing Business Outlook Survey suggest continued weakening in nonmanufacturing activity in the region. The indexes for general activity at the firm level, sales/revenues, and new orders all declined. Both price indexes remain somewhat elevated, and the respondents continue to anticipate growth over the next ...

Texas factory activity was flat in April after growing modestly in March, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, inched down from 2.5 to 0.9, with the near-zero reading suggestive of no change in output from ...

The Chicago Fed National Activity Index (CFNAI) was unchanged at –0.19 in March. Three of the four broad categories of indicators used to construct the index made negative contributions in March, and two categories deteriorated from February. The index’s three-month moving average, CFNAI-MA3, increased to +0.01 in March from –0.09 ...

Manufacturing activity in the region continued to decline overall in April, according to the firms responding to this month's Manufacturing Business Outlook Survey. The survey's broad indicators for activity remained negative, although the indexes for new orders and shipments rose. The employment index suggests steady employment overall. ...

Overall economic activity was little changed in recent weeks. Nine Districts reported either no change or only a slight change in activity this period while three indicated modest growth. Expectations for future growth were mostly unchanged as well; however, two Districts saw outlooks deteriorate. Consumer spending was generally seen as flat ...

Business activity increased in New York State for the first time in five months, according to firms responding to the April 2023 Empire State Manufacturing Survey. The headline general business conditions index shot up thirty-five points to 10.8. New orders and shipments surged. Delivery times held steady, and inventories moved higher. Despite ...

Fifth District manufacturing firms reported modest improvements in business conditions in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index rose from -16 in February to -5 in March. Of its three component indexes, shipments saw the largest change, rising notably from -15 ...

Modest growth resumes in Texas manufacturing, but outlooks continue to worsen. Texas factory activity expanded slightly in March after contracting in February, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, moved up from -2.8 to 2.5, ...

Tenth District manufacturing activity remained essentially flat for the third month in a row, and expectations for future activity increased slightly. Monthly price indexes were mixed with an increase in materials prices but a slight decrease in finished goods prices. Expectations for future raw materials and finished goods prices remained ...

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –0.19 in February from +0.23 in January. All four broad categories of indicators used to construct the index made negative contributions in February, and three categories deteriorated from January. The index’s three-month moving ...

Recent indicators point to modest growth in spending and production. Job gains have picked up in recent months and are running at a robust pace; the unemployment rate has remained low. Inflation remains elevated.

The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains ...

Nonmanufacturing activity in the region weakened this month, according to the firms responding to the March Nonmanufacturing Business Outlook Survey. The index for general activity fell to a near-zero reading, and the index for new orders at the firm level turned negative. The sales/revenues index also decreased but remained positive, and ...

Manufacturing activity in the region continued to decline overall, according to the firms responding to March's Manufacturing Business Outlook Survey. The survey's broad indicators for current activity were all negative. On balance, the firms also reported a decline in employment. Most future indicators weakened, suggesting that the firms ...

Business activity continued to decline in New York State, according to firms responding to the March 2023 Empire State Manufacturing Survey. The headline general business conditions index fell nineteen points to -24.6. New orders dropped significantly, and shipments declined modestly. Delivery times shortened for a second consecutive ...

Overall Economic Activity
Overall economic activity increased slightly in early 2023. Six Districts reported little or no change in economic activity since the last report, while six indicated economic activity expanded at a modest pace. On balance, supply chain disruptions continued to ease. Consumer spending generally held steady, though a ...

Fifth District manufacturing firms reported deterioration in business conditions in February, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from −11 in January to -16 in February. Of its three component indexes, shipments saw the largest change, declining notably from ...

Texas factory activity declined in February for the first time since May 2020, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, edged down from 0.2 to -2.8, a reading suggestive of a modest contraction ...

Tenth District manufacturing activity was flat, and expectations for future activity were modest. Monthly and annual survey price indexes continued to increase slightly, and expectations for future raw material and finished goods prices also rose.

The month-over-month composite index was 0 in February, up slightly from -1 in January and -4 in December. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes. The pace of factory was ...

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.23 in January from –0.46 in December. Three of the four broad categories of indicators used to construct the index made positive contributions in January, and three categories improved from December. The index’s three-month ...

Nonmanufacturing business activity continued to expand overall this month, according to the firms responding to the February Nonmanufacturing Business Outlook Survey. The index for general activity at the firm level increased, and the indexes for new orders and sales/revenues remained positive but declined. The indexes for full- and ...

Manufacturing activity in the region continued to decline, according to the firms responding to the February Manufacturing Business Outlook Survey. The general activity index declined further, the new orders index remained negative, and the shipments index remained positive but low. The employment index declined but remained positive, and ...

Business activity continued to decline in New York State, according to firms responding to the February 2023 Empire State Manufacturing Survey. The headline general business conditions index climbed twenty-seven points but remained negative at -5.8. New orders declined modestly, while shipments held steady. Delivery times shortened, ...

The outlook for the U.S. economy in 2023 looks somewhat better now than it did three months ago, according to 37 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The forecasters predict the economy will expand at an annual rate of 0.6 percent this quarter and 1.0 percent in the second quarter of 2023, up from the ...

Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased somewhat but remains elevated.

Russia's war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty. The Committee is highly attentive to inflation risks. ...

Texas factory activity continued to increase but at a slower pace in January, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, came in at 16.6, an eight-month low but a reading still indicative of above-average ...

Tenth District manufacturing activity was mostly flat, and expectations for future activity moderated slightly. Monthly survey price indexes saw minimal growth in January. Price indexes remained above year-ago levels for most firms, and many firms expected some slowing in price gains over the next ...

The Chicago Fed National Activity Index (CFNAI) edged up to –0.49 in December from –0.51 in November. Three of the four broad categories of indicators used to construct the index made negative contributions in December, but two categories improved from November. The index’s three-month moving average, CFNAI-MA3, decreased to –0.33 in December ...

Fifth District manufacturing firms reported some deterioration in business conditions in January, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell noticeably into negative territory, decreasing from 1 in December to −11 in January. Each of its three component indexes: ...

Nonmanufacturing activity in the region expanded this month, according to the firms responding to the January Nonmanufacturing Business Outlook Survey. The indexes for general activity at the firm level, sales/revenues, new orders, and full-time employment all rose this month. The firms continued to report overall increases in both prices paid ...

Manufacturing activity in the region continued to decline overall, according to the firms responding to the January Manufacturing Business Outlook Survey. The survey's indicators for general activity, new orders, and shipments rose from last month, but the former two remained negative. The employment index rebounded. The firms reported ...

Overall economic activity was relatively unchanged since the previous report. Five Districts reported slight or modest increases in overall activity, six noted no change or slight declines, and one cited a significant decline. On balance, contacts generally expected little growth in the months ahead. Consumer spending increased slightly, with ...

Business activity contracted sharply in New York State, according to firms responding to the January 2023 Empire State Manufacturing Survey. The headline general business conditions index fell twenty-two points to -32.9. New orders and shipments declined substantially. Delivery times held steady, and inventories edged higher. Employment ...

Some Fifth District manufacturing firms reported modest improvements in December, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index climbed into positive territory, increasing from −9 in November to 1 in December. Each of its three component indexes — shipments, new orders ...

Growth in Texas factory activity resumed in December, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose nine points to 9.7, suggestive of a pickup in ...

Tenth District manufacturing activity declined at a slightly faster pace than last month, while expectations for future activity were mostly flat or slightly positive. The monthly index of raw materials prices continued to slow in December, but materials prices were still higher than a year ago at most firms and expected to rise moderately in ...

Nonmanufacturing activity in the region remained weak this month, according to the firms responding to the December Nonmanufacturing Business Outlook Survey. The index for general activity at the firm level turned positive but remained low. The new orders and sales/revenues indexes were negative, and the full-time employment index declined to ...

Business activity declined in New York State, according to firms responding to the December 2022 Empire State Manufacturing Survey. The headline general business conditions index fell sixteen points to -11.2. New orders moved slightly lower, while shipments edged higher. Delivery times and inventories were little changed. Labor market ...

Manufacturing activity in the region continued to decline overall in December, according to the firms responding to this month's Manufacturing Business Outlook Survey. The survey's broad indicators for current activity were all negative. The firms on balance also reported a decline in employment. The future indicators improved, suggesting that ...

Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader ...

Economic activity was about flat or up slightly since the previous report, down from the modest average pace of growth in the prior Beige Book period. Five Districts reported slight or modest gains in activity, and the rest experienced either no change or slight-to-modest declines. Interest rates and inflation continued to weigh on activity, ...

Growth in Texas factory activity abated in November, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell five points to near zero, suggesting little change in output ...

Some Fifth District manufacturing firms reported softening conditions in November, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index remained negative but edged up from −10 in October to −9 in November. Of its three component indexes, the indexes for shipments and ...

Responses to the November Nonmanufacturing Business Outlook Survey suggest weakened nonmanufacturing activity in the region. The index for general activity at the firm level fell into negative territory, and the index for new orders remained negative. The index for sales/revenues declined sharply but remained positive. The full-time ...

The Chicago Fed National Activity Index (CFNAI) decreased to –0.05 in October from +0.17 in September. Three of the four broad categories of indicators used to construct the index made negative contributions in October, and three categories deteriorated from September. The index’s three-month moving average, CFNAI-MA3, moved down to +0.09 ...

Tenth District manufacturing activity declined at a similar pace compared to last month, while expectations for future activity were mostly flat or slightly positive. The monthly index of raw materials prices continued to slow in November and decreased compared to a year ago. Finished goods price indexes increased slightly from a month ago ...

Manufacturing activity in the region continued to decline, according to the firms responding to the November Manufacturing Business Outlook Survey. The general activity index declined further, the new orders index remained negative, and the shipments index remained positive but low. The employment index declined but continued to suggest ...

Business activity edged slightly higher in New York State, according to firms responding to the November 2022 Empire State Manufacturing Survey. The headline general business conditions index climbed fourteen points to 4.5. New orders decreased slightly, while shipments expanded modestly. Delivery times were little changed, and inventories ...

The outlook for the U.S. economy looks weaker now than it did three months ago, according to 38 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The forecasters predict the economy will expand at an annual rate of 1.0 percent this quarter, down from the prediction of 1.2 percent in the last survey. Over the next three ...