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Fifth District Survey of Manufacturing Activity

March 25, 2025

Fifth District manufacturing activity slowed in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell to −4 in March from 6 in February, led by a notable decrease, from 12 to −7, in the shipments index. Of its other two component indexes, new orders decreased slightly to −4, and employment fell to −1 from 9.

The local business conditions index dropped from −5 in February to −13 in March, while the index for future local business conditions fell notably from 2 to −22. The future index for shipments fell from 13 to 7 and the future index for new orders edged down to 6.

The vendor lead time index increased to 12 in March, while the backlog of orders index rose from −6 to −1.

The average growth rate of prices paid increased notably. The average growth rate of prices received increased, but not by as much. Firms expected heightened growth in prices paid and some growth in prices received over the next 12 months.

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Past Reports

Feb. 25, 2025
Manufacturing Activity Improved Somewhat in February
Jan. 28, 2025
Manufacturing Activity Remained Soft in January
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Regional Survey Team