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Manufacturing firms in the Fifth District reported declines in output in May.
Source: Federal Reserve Bank of Richmond
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The composite manufacturing index dropped from 14 in April to -9 in May as two of the three, both shipments and volume of new orders, fell into negative territory.
The employment index remained positive at 8 in May, falling from 22 in April. The local business conditions index continued to fall to -16 in May from -10 in April.
Manufacturing firms were less optimistic about business conditions in the next six months as the index fell to -13 in May from -1 in April.
On a positive note, there were signs of supply chain improvement as the indexes for vendor lead time, and order backlogs both fell in May from record highs earlier in the year.
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