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Manufacturing Activity Was Flat in February
Fifth District manufacturing activity was flat in February, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index increased from -15 in January to -5 in February. Of its three component indexes, shipments remained solidly negative at -15, new orders increased from -16 to -5, and employment rose notably, from -15 to 7. Firms were slightly more optimistic about local business conditions, as the index increased to 1. The index for future local business conditions edged up from 0 in January to 3 in February. Most firms continued to report declining backlogs as ... (full story)