Richmond Fed manufacturing index improves in March

Fifth District manufacturing activity improved by 13 pp in March 2022
Fifth District manufacturing activity improved by 13 pp in March 2022
Fifth District manufacturing activity improved by 13 pp in March 2022

According to the survey of the Federal Reserve Bank of Richmond, Fifth District manufacturing activity improved by 13 pp in March 2022, after two consecutive months of moderation. This marks the biggest increase in manufacturing activity since December 2021 and the sixth consecutive month of improvement. Among the business sector indicators, shipments increased by 9 pp, new orders rose by 10 pp and capacity utilisation was up 9 pp. Among the employment indicators, the number of employees wages and average workweek increased, while the availability of skills needed deetiolated. The growth rate of prices paid dropped for the second month in March to 11.05% while received prices increased to 9.2%.

Fifth District manufacturing activity improved by 13 pp in March 2022

The Fifth District Survey of Manufacturing Activity is conducted by the Federal Reserve Bank of Richmond and is sent electronically to manufacturing firms in the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia. Firms report on how certain manufacturing indicators have changed compared to the previous month and their responses are converted into diffusion indexes.

More data and visuals from the Fifth District Survey of Manufacturing Activity here

Further data and analysis on the US economy are available on the CEIC US Economy in a Snapshot – Q1 2022 report.

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22nd March 2022 Richmond Fed manufacturing index improves in March