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HomeNewsEconomyFifth District Manufacturing Growth Cools to Moderate Pace in December

Fifth District Manufacturing Growth Cools to Moderate Pace in December

An SUV moves through the assembly line at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. (Photo: Reuters)

The Federal Reserve Bank of Richmond said the Fifth District Manufacturing Survey continued to grow but cooled to a more moderate pace in December. The composite index fell from its record high 30 in November to a reading of 20.

The decline was fueled largely by a decline in new orders, down 19 points to 16, backlog of orders, down 25 points to -4, and shipments, down 9 points to 24. Still, manufacturing firms remained very optimistic, as all expectations indicators increased save for vendor lead time, which fell slightly from 10 to 7.

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