The Fifth District Survey of Manufacturing Activity index came in at minus 11 points from the minus five reported in November. Economists had expected a reading of minus six, according to a poll carried out by The Wall Street Journal. The index is compiled by surveying manufacturing firms across the Fifth Federal Reserve District, which comprises the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. Shipments were once again sharply negative, to minus 17 from minus eight the month before, while employment edged down to minus one from neutral. "Firms remained generally pessimistic about local business conditions, as the index edged up but remained in negative territory," the Richmond Fed said.

Source: Wall Street Journal December 27, 2023 15:46 UTC