“The composite index rose from −8 in December to −2 in January but continued to indicate weak growth,” the Federal Reserve Bank of Richmond noted in its latest Fifth District Survey of Manufacturing Activity.
Key takeaways from the press release
- New orders dropped to −11, its lowest reading since June 2016.
- Index for backlog of orders fell to −21, its lowest reading since May 2009.
- However, manufacturers remained optimistic that conditions would improve in the coming months.
- Survey results indicated continued growth in employment and wages in January, but firms still struggled to find workers with the skills they need.
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