The
latest survey from the Federal Reserve Bank of Richmond showed on Tuesday that
the U.S. fifth district's manufacturing activity continued to grow in early December at a slightly faster pace than in the
previous month.
According
to the survey, the composite manufacturing index rose from an upwardly revised 12
(from 11) in November to 16 in December. This improvement was underpinned by
gains in such index components as shipments (to 12 in December from 0 in November)
and new orders (to 17 from 7). Meanwhile, the third major component of the
composite index, employment (19, down from 34 in November), declined but
remained in positive territory, suggesting expansion.
In
other survey results, backlog of orders (26, up from 22 in November) registered
their second-highest reading on record, and capital expenditures (14, up from
13) rose slightly.