Business in central Atlantic region slows

Jan. 22, 2013 at 3:38 PM
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RICHMOND, Va., Jan. 22 (UPI) -- The Federal Reserve Bank of Richmond, Va., said Central Atlantic manufacturing slipped in January after two consecutive months of growth.

"Nearly all broad indicators of [business] activity fell into negative territory. Other indicators also suggested additional softness," the Fed said.

The diffuse business index for the region fell from 9 in November and 5 in December to minus 12 in January.

Shipments, volume of new orders, capacity utilization and vendor lead time all moved from positive to negative in the month.

The index measuring the number of employees moved from minus 3 to minus 5. The index measuring the number of hours worked was little changed at minus 4 after a posting of minus 2 in December.

The wages index stayed positive and grew, albeit marginally, moving from 10 to 11, the Fed said.

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