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Manufacturing Activity Deteriorated in May
Fifth District manufacturing firms reported deterioration in business conditions in May, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from -10 in April to -15 in May. Two of its three component indexes—shipments and new orders—declined. The shipments index dropped from -7 in April to -13 in May, while the new orders index fell from -20 to -29. The employment index, however, rose slightly from 0 in April to 5 in May. Firms remained pessimistic about local business conditions, as the index fell to -27 in May. Furthermore, the expectations ... (full story)