Manufacturing Activity in the Fifth District Slows

Manufacturing activity in the Fifth District, which includes South Carolina, slowed somewhat in February, according to the most recent survey from the Federal Reserve Bank of Richmond.

The composite manufacturing index decreased to −10 in February from −6 in January.

All three of its component indexes fell in February. Shipments dropped to −13 from −5, new orders decreased slightly to -9 from -6, and employment inched down to −7 from −6.

The local business conditions index decreased to −15 in February from −8 in January.

Meanwhile, expectations for local business conditions improved as the index for future local business conditions increased slightly to 22 from 19.

The future indexes for shipments and new orders decreased slightly but remained solidly in positive territory. The expectations index for employment rose to 6 from 2.

Richmond Fed officials said the average growth rates of prices paid and prices received decreased in February.

They said firms expected growth in both price measures to moderate further over the next 12 months.