Fifth District Manufacturing Activity Flat in March

Fifth District manufacturing activity was flat in March, according to the most recent survey from the Federal Reserve Bank of Richmond that includes South Carolina.

The composite manufacturing index increased to 0 in March from -10 in February. All three of its component indexes rose in March. Shipments increased to -2 from -13, new orders improved to 4 from -9, and employment rose to -2 from -7.

The local business conditions index increased to −5 in March from −15 in February. Meanwhile, the future local business conditions index decreased but remained in positive territory.

The future indexes for shipments and new orders also decreased slightly but remained solidly in positive territory. The expectations index for employment rose to 14 from 6.

The average growth rate of prices paid decreased somewhat, while average growth in prices received increased in March. Firms expected growth in both price measures to moderate over the next 12 months.