Tuesday, February 25, 2014

Richmond Fed: "Manufacturing Sector Softened" in February

by Calculated Risk on 2/25/2014 10:04:00 AM

From the Richmond Fed: Manufacturing Sector Softened; Shipments and New Orders Declined

Manufacturing in the Fifth District slowed, according to the most recent survey by the Federal Reserve Bank of Richmond. Shipments and the volume of new orders declined. Hiring flattened, while the average workweek shortened and average wage growth rose. ...

The composite index of manufacturing dipped to a reading of −6 following last month's reading of 12. The index for shipments fell 20 points, ending at −6, and the index for new orders dropped 23 points, finishing at a reading of −9. The index for the number of employees shed six points, settling at 0. As a result of bad weather a few survey participants reported that manufacturing facilities experienced downtime in February, with some reductions in shipments.

Manufacturing employment eased off this month, settling at an index of 0 and the average workweek shortened. The index shed 13 points moving to a reading of −5. The index for average wages grew only slightly faster; that gauge edged up to 14 from the previous reading of 11.
Another weak manufacturing survey for February.