The headline number fell to 5 from 9 in November. Economists were looking for a reading of 8.
"Looking at the broad indicators of activity, new orders were virtually unchanged, shipments grew more slowly, and employment declined," wrote the Richmond Fed. "Other indicators were mixed. Capacity
utilization turned positive, while backlogs fell further. Moreover, the gauge for delivery times inched higher, while finished goods inventories grew at a slightly slower pace and growth in raw materials inventories edged higher."The survey tracks manufacturing activity in the central Atlantic region of the U.S.
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