The Manufacturing Activity Index in the Richmond area decreased to -11 in January of 2023 from 1 in December, the lowest since May 2020 and below market expectations of -5. Each of its three component indexes: shipments (-3 vs 5 in December), new orders (-24 vs -4), and employment (-3 vs 3) declined. The index for order backlogs retreated further into negative territory, indicating that, businesses continued to see declining backlogs. Meanwhile, the index for vendor lead time also remained well below 0, suggesting a continued decline in lead times. The average growth rates of both prices paid and prices received decreased in January. Expectations for both price growth measures over the next 12 months also decreased to a level much lower than last year. Although the local business conditions expectations index rose slightly from
December, firms generally reported pessimism about conditions over the next six months. source: Federal Reserve Bank of Richmond
Richmond Fed Manufacturing Index in the United States averaged 2.99 points from 1993 until 2023, reaching an all time high of 28.00 points in March of 2004 and a record low of -55.00 points in April of 2020. This page provides - United States Richmond Fed Manufacturing Index - actual values, historical data, forecast, chart, statistics, economic calendar and news. United States Richmond Fed Manufacturing Index - data, historical chart, forecasts and calendar of releases - was last updated on February of 2023.
Richmond Fed Manufacturing Index in the United States is expected to be 3.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.