The Richmond Fed Manufacturing Index for December 2024 has taken a sharp dive to -15, indicating a significant contraction in the manufacturing sector. This marks a stark contrast to the previous month’s figure of -5, highlighting a rapid deterioration in manufacturing activity. Key components of the index also reflect this downturn: shipments fell to -18 from -10, new orders dropped to -17 from -11, and employment decreased to -10 from -6. Despite the overall negative trend, there are slight silver linings with backlogs decreasing to -12 from -15 and vendor lead time improving to -10 from -13. The capacity utilization rate also saw a decline, moving from -10 to -14. These statistics suggest a broader economic slowdown, potentially influencing investment decisions in the manufacturing sector.
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