Richmond Fed Survey Shows Moderating Economic Growth

In its monthly report on manufacturing activity in the central Atlantic states, the Federal Reserve Bank of Richmond notes that, “[a]ll broad indicators—including shipments, new orders, and employment—continued to grow but at a rate below February’s pace.” The bank’s composite manufacturing index fell from 20 in February to 7 in March.

From the report:

Among the index’s components, shipments lost twenty-three points to 2, new orders dropped ten points to finish at 11, and the jobs index moved down seven points to end at 6. … The capacity utilization indicator retreated six points to finish at 6, while the backlogs index held steady at 4. Additionally, the delivery times index lost three points to 11, while our gauges for inventories were mixed in March. The finished goods inventories index subtracted eight points to 4, while the raw materials inventory index added three points to end at 11.

The manufacturing employment index also fell, as did the workweek indicator.

The report is available here.