- Prior month -10
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- Richmond Fed composite index -15
- services index -10 versus -23 last month
- manufacturing shipments -13 versus -7 last month
- prices paid 4.95 versus 7.57 last month
- prices received 5.39 versus 5.63 last month
- employment 5 versus 0 last month
- wages 17 versus 25 last month
- availability of skills needed -7 versus -12 last month
- new orders -29 versus -20 last month
- backlog of orders -32 versus -31 last month
- capacity utilization -15 versus -14 last month
- vendor leadtime -15 versus -13 last month
- local business conditions -27 versus -19 last month
- capital expenditures -12 versus -2 last month
- finished goods inventory 11 versus 19 last month
- raw materials 18 versus 28 last month
- equipment and software spending 1 versus -2 last month
- service expenditures -5 versus -16 last month
6 month forward-looking:
- prices paid 3.43 versus 3.2 last month
- prices received 1.58 versus 2.6 last month
- employment 13 versus 11
- wages 45 versus 40
- availability of skills needed 5 versus -4
- shipments 10 versus 9 last month
- new orders one versus -2 last month.
Federal Reserve Bank of Richmond, Fifth District manufacturing firms experienced deteriorating business conditions in May. The composite manufacturing index fell from -10 in April to -15 in May, with declines seen in two of its three components - shipments and new orders. While the employment index showed a slight increase, firms continued to be pessimistic about local business conditions, as evidenced by falling indexes. Firms also reported consistent reductions in order backlogs and vendor lead times. Despite a significant decrease in the average growth rate of prices paid and a slight decline in the growth rate of prices received, firms expect these rates to moderate in the forthcoming year.
The Empire manufacturing in Philadelphia Fed indices showed weakening numbers as well in their regional indices.
\Inflation
