The Richmond Fed’s April Manufacturing Survey painted a mixed picture of manufacturing activity in the region. The headline index remained flat at -7, meeting analysts’ expectations. Shipments and capacity utilization declined further, with readings of -10 and -5, respectively. However, firms expressed increased optimism about local business conditions, with the index rising from -1 to 6. The index for future local business conditions also improved from 12 to 16. Price pressures showed signs of easing, with the average growth rate of prices paid decreasing in April. In contrast, the average growth rate of prices received edged up slightly. Firms anticipate little change in these growth rates over the next 12 months. Overall, the survey suggests that manufacturing activity in the Richmond Fed region remains subdued, with firms cautiously optimistic about the future.
April Richmond Fed Manufacturing Survey: Manufacturing Activity Flatlines in April
