Fifth District manufacturing activity continued to improve in February, according to the most recent survey from the Richmond Fed. The composite index held steady from January to February, at 14, as all three component indexes—shipments, new orders, and employment—remained firmly positive. The index for vendor lead time, which hit a 25- year-high of 39 in January, rose further to 46 in February. Firms also reported decreased inventory levels, as the index for raw materials inventories hit a series low of −8. Manufacturers were optimistic that conditions would improve in the coming months. Survey results indicated t ... (full story)