By Michael Susin
Manufacturing activity in the U.S. central region slowed for the third consecutive month in January, data from the Federal Reserve Bank of Richmond showed Tuesday.
The Fifth District Survey of Manufacturing Activity index came in at minus 15 points from the minus 11 reported in December.
The index is compiled by surveying manufacturing firms across the Fifth Federal Reserve District, which comprises the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia.
Shipments edged up to minus 15 from minus 17 the month before. However, new orders edged down to minus 16 from minus 14 the month before and employment sharply fell to minus 15 from minus 1.
"Firms remained somewhat pessimistic about local business conditions, as the index increased slightly but remained in negative territory," the Richmond Fed said.
Average growth rates of prices paid and prices received remained nearly unchanged in January. Both growth rates are expected to moderate over the next 12 months.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
01-23-24 1028ET
