Richmond Fed Manufacturing Activity Report Shows Contraction

Fifth District manufacturing activity surprisingly fell into contraction in November, according to the latest survey from the Richmond Fed, whose composite index fell 8 points in October to minus 1. Much weaker than the consensus forecast, the decline was led by negative readings for shipments (down 6 points to minus 4) and new orders (down 10 points to minus 3), while employment declined but remained positive (down 8 points to 5) .