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Richmond Fed manufacturing index falls to 4 in November

FXStreet (London) - The Richmond Fed manufacturing activity survey showed a slowing overall in November, with the composite index dropping to a reading of 4 from last month's reading of 20.

Shipments and new orders changed little from a month ago; both indexes flattened to a reading of 1. Manufacturing hiring continued to grow at a moderate pace this month. The November indicator slipped four points to a reading of 10.

The Richmond Fed survey indicated that capacity utilization grew at a steady pace this month. The index remained at 13 for a third consecutive month.

Additionally, backlogs decreased this month, pulling the index down 11 points to −2. Vendor lead time lengthened at a slightly slower pace, moving the index to 7 from a reading of 12. Finished goods inventories rose more quickly than a month ago. The index gained five points to finish at 20. Additionally, raw materials inventories rose at a slightly faster rate compared to last month. That gauge moved up four points to end at 23.

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