Fifth District manufacturing activity remained sluggish in January, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from -11 in December to -15 in January. Of its three component indexes, shipments edged up from -17 to -15, new orders edged down from -14 to -16, and employment fell notably, from -1 to -15. Firms remained somewhat pessimistic about local business conditions, as the index increased slightly but remained in negative territory. The index for future local business conditions increased from -5 in December to 0 in January. Most firms ... (full story)