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Manufacturing activity expanded at a more moderate pace in the fifth federal district, new data out of the Federal Reserve Bank of Richmond shows.
The headline index declined to 4 from 14 one month ago, marking the sixth month of expansion. A reading above zero indicates expansion.
“In spite of the recent moderation in activity, assessments for business activity over the next six months remained generally positive since our last report,” the Fed said in a statement. “Contacts at more firms anticipated that shipments, new orders, backlogs, capacity utilization, and capital expenditures would continue to grow at a solid pace.”
The employment sub-index continued to show strength, improving to 16 from 10 one month ago, while the average work week surged to 11. Wages also continued to expand, however at a lower pace than in April.
Below, key output from the report.
The Federal Reserve Bank of Richmond will release a key gauge of manufacturing activity in the mid-Atlantic and South East, with expectations for a slight decline in outlook.
Economists polled by Bloomberg anticipate the index will fall to 11 in May, from 14 in April. 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.
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