• Main
  • Analytics
  • Market News
  • Richmond Fed manufacturing index increases to -10 in December
Economic news
24.12.2024

Richmond Fed manufacturing index increases to -10 in December

The latest survey from the Federal Reserve Bank of Richmond revealed that the U.S. fifth district's manufacturing activity continued to shrink in early December, albeit at a weaker pace than in the previous month.

According to the survey, the composite manufacturing index increased from -14 in November to -10 in December. This represented the highest reading since June (-10).

Economists had anticipated the indicator to rise to -9 in December.

According to the report, the December improvement in the headline index mainly reflected a slower contraction in such a component as new orders (to -11 from -19 in November). Meanwhile, the indicator’s two other components - employment (-8 in December, compared to -10 in November) and shipments (-11, compared to -12) - were relatively flat.

In other survey results, the measure of backlog of orders (-13, compared to -27 in November) and vendor lead time gauge (11, compared to 4 in November) both increased though the former remained in negative territory. On the price front, the average growth rates of prices paid (2.86, up from 2.48 in November) increased in December, while prices received (1.71, down from 2.07) declined.

See also