Economy
August 23, 2016
Richmond Fed Manufacturing Index Plummets in August
Written by Sandy Williams
Manufacturing activity in the Fifth District was weaker in August according to the most recent survey by The Federal Reserve Bank of Richmond.
The composite manufacturing index for August plummeted to -11 after July’s reading of +10. Shipments fell sharply losing 21 points for an index reading of -14, while the new orders index plunged 35 points to -20. Backlogs dropped to -21 from 1.0 in July. The indices took a similar dive in June before bouncing back last month.
