RICHMOND, Va., April 24 (UPI) -- The Richmond, Va., Federal Reserve Bank said indicators showed business activity stabilized in the Central Atlantic states in April.
The overall manufacturing index showed business activity rose for the fifth consecutive month with the pace of growth picking up steam]
The composite index for the district rose from seven to 14, after dropping in the previous monthly report from 20 to seven.
Shipments, which dropped sharply in March, made up much of the advancement for April with the index for shipments jumping from two to 18.
The indexes for new orders and employment also rose, climbing from 11 to 13 and from 6 to 10, respectively.
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, down in March, climbed from 6 to 15. The delivery times index slid three points to eight. Indexes for finished goods and raw materials inventories both rose, adding 3 points each to reach seven and 17, respectively, the Fed said.
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