Richmond Fed Manufacturing Index slumped in December

Manufacturing activity in the Fifth District continued to weaken in December, the latest Manufacturing Survey published by the Federal Reserve Bank of Richmond showed on Tuesday.

"The composite index fell from −1 in November to −5 in December, weighed down by decreases in the already negative indexes for shipments and new orders, while the third component — employment — increased slightly," the press release read. This print missed the market expectation of 9 by a wide margin.