UPDATE:Manufacturing continued to expand in the fifth federal district, new data out of the Richmond Federal Reserve shows.
A key manufacturing index declined 13 points to 7 in March. A reading above zero indicates expansion.
“Manufacturing activity in the central Atlantic region expanded in March for the fourth straight month, but at a more temperate pace than a month ago,” the Federal Reserve said.
Employers in the region remained mostly optimistic on adding workers and shifts, however both sub-indexes logged lower readings from February. The current employment index showed the number of employees decreased to 6 from 13, while the work week fell 8 points to 2. A wage sub-index increased to 11 from 7.
“District manufacturers’ intentions to expand hiring were slightly less optimistic in March. The expected manufacturing employment index declined 20-two points to 10, while the average workweek indicator was virtually unchanged at 9. In addition, the index of expected wages fell two points to 24.
Below, data from the Federal Reserve.
Photo: Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond is set to report manufacturing activity in the region in a few minutes time, with expectations for another positive report, albeit slightly less so than in February.
Economists polled by Bloomberg anticipate the index declining two points to 18 for March. A reading above zero indicates economic expansion.
The fifth federal district includes the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and parts of West Virginia.