Fifth District manufacturing activity slowed in December, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index fell from -1 in November to -5 in December, weighed down by decreases in the already negative indexes for shipments and new orders, while the third component — employment — increased slightly. Manufacturers also reported weakness in local business conditions and capacity utilization, but they were optimistic that conditions would improve in the coming months. Many firms saw growth in employment and wages in December. However, respondents reported declines in the ... (full story)