U.S. Mid-Atlantic Factory Activity Recovers a Little

By Joshua Kirby

Manufacturing activity in the U.S. central region slowed less sharply this month as demand recovered a little, data from the Federal Reserve Bank of Richmond showed Tuesday.

The Fifth District Survey of Manufacturing Activity's index came in at minus 7, improving from minus 11 in March but remaining below February's reading. Economists polled by The Wall Street Journal had expected a slightly lesser improvement to minus 8.

The index is compiled by surveying 75 to 80 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.

The improvement was driven by better shipments and new orders, while the gauge of employment turned negative. Looking ahead, firms were more optimistic about local business conditions, seeing a pickup in demand in the coming months.

Prices paid meanwhile grew less sharply in April, the survey showed, suggesting some let-up in inflation.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

04-23-24 1031ET