Fifth District manufacturing activity remained fairly flat in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index remained close to 0, rising from −2 in February to 2 in March. The indexes for shipments and new orders were above their February values, but the third component—employment— decreased. Manufacturers reported weakening local business conditions and a decrease in backlog of orders. Survey respondents were pessimistic, expecting weaker business conditions and a drop in shipments and new orders in the coming months. Survey results suggested a drop in e ... (full story)