Federal Reserve Bank of Richmond (02/24/15)

Manufacturing activity in the Mid-Atlantic states slowed in February, according to the most recent survey by the Federal Reserve Bank of Richmond. Shipments and the volume of new orders flattened, while the backlog of new orders declined.

Employment in the manufacturing sector was little changed from a month ago, and the index fell to 4 in February from 5 in January. The average workweek shortened, and the index declined to -6 from 8. Average wages in the sector rose slightly faster, with the index rising to 8 from 3. Manufacturers expect a slower pace of hiring and a shorter workweek over the next six months, compared with their expectations a month ago.