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)