RICHMOND, Va., March 27 (UPI) -- The Richmond, Va., Federal Reserve Bank said business activity grew in the Central Atlantic states in March, but at a slower pace than February.
The overall manufacturing index remained positive for the fourth consecutive month, but fell from 20 to seven.
Among the components that make up the overall index, shipments dropped from 25 in February to two in March. New orders fell from 21 to 11, while the jobs index shifted lower, dropping from 13 to six.
The index uses zero as a break-even point between contraction and growth with higher numbers indicating faster growth in the area's business activity.
The capacity utilization index dropped from 12 to six. The finished good inventories index fell from 12 to four, the Fed said.
While the pace of growth slowed, business managers remained optimistic about business prospects for the next six months. The index of expected shipments dropped from 30 to 26, showing some optimism remains.
The index covering hiring expectations fell from 22 to 10. The wage expectations index showed slightly declining optimism, the index falling from 26 to 24.
