Fifth District manufacturing activity slowed in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from -5 in February to -11 in March. Of its three component indexes, shipments remained solidly negative at -14, new orders fell from -5 to -17, and employment fell from 7 to 0. Firms were split about local business conditions, as the index hovered around 0. The index for future local business conditions, however, increased from 3 in February to 12 in March. Most firms continued to report declining backlogs as the index remained negative. The ... (full story)