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Central Atlantic manufacturing in slow growth rut

Dec. 24, 2013 at 12:02 PM   |   Comments

RICHMOND, Va., Dec. 24 (UPI) -- Central Atlantic manufacturing held steady in December, growing at a modest pace, the Federal Reserve Bank of Richmond, Va., said Tuesday.

The manufacturing index for the Federal Reserve's Fifth District, which posted levels of zero in September and 1 in October, hit 13 in November, the Fed said. In December it stayed put.

Numbers above zero indicate growth, while below indicates contraction.

The index measuring the volume of new orders slid from 15 to 10 in November, while the shipments index dropped back one tick from 16 to 15, prompting the bank to say growth in the area's businesses slowed, despite the headline index holding its place.

The index marking the backlog of orders fell from minus 1 to minus 8.

The index that measures employment went the other way, jumping from 6 to 14. Hours of work showed slower growth, however, with the index measuring the average workweek dropping from 12 to 6.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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