5th District Manufacturing Activity Pace Slower Than Expected

Manufacturing activity in the Fifth District expanded at a slower than expected pace in October, with the Richmond Fed Manufacturing Index falling 14 points to 15. Leading the slowdown to a level well below the consensus forecast was a sharp decline in shipments, which fell 24 points to 7, and a sizable decrease in new orders, down 14 points to 20. But the employment component continued to show strength, with the number of employees rising 3 points to 19.