Richmond Fed Manufacturing Activity Slightly Slower Than Expected

Manufacturing activity in the Fifth District expanded at a slightly slower than expected pace in November, with the Richmond Fed Manufacturing Index slipping 1 point to 14. Pulling down the overall index were declines in in new orders, down 3 points to 17, and employment, where the number of employees component fell 8 points to 11. Partly offsetting this weakness was stronger expansion in shipments, which rose 5 points to 12. Other current conditions components showing signs of cooling included capacity utilization, down 11 points to 9, local business conditions, down 3 points to 5, and capital expenditures, which fell 4 points to 17.