The
latest survey from the Federal Reserve Bank of Richmond showed on Tuesday that
the U.S. fifth district's manufacturing activity continued to expand in early November,
albeit at a slightly slower pace than in the previous month.
According
to the survey, the composite manufacturing index edged down from 12 in October
to 11 in November but kept in expansionary territory, as all three component
indexes - shipments (at 4 in November, up from 1 in October), new orders (at 5,
down from 10), and employment (at 27, unchanged) - remained positive, reflecting
expansion.
Manufacturers
also reported that inventories were too low, as the index for finished goods inventories
(-23 in November) reached its lowest level on record. At the same time, vendor
lead times (57) and backlogs of orders (13) continued to increase.