Investing.com – Manufacturing activity in Richmond fell more-than-expected in March, official data showed on Tuesday.
In a report, the Federal Reserve Bank of Richmond said that its manufacturing index fell to 20.0 in March, compared to a reading of 25.0 in February.
Analysts had expected the index to decline to 23.0 in March.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
According to the report, shipments and new orders grew at a slower pace than in February, while employment growth held steady.
Survey measures of current prices revealed that both prices of raw materials and finished goods grew at a slightly slower pace in March.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.26% to hit 1.4188.
Meanwhile, U.S. stock markets were modestly lower after the open. The Dow Jones Industrial Average dipped 0.05%, the S&P 500 index slumped 0.1%, while the Nasdaq 100 declined 0.09%.
In a report, the Federal Reserve Bank of Richmond said that its manufacturing index fell to 20.0 in March, compared to a reading of 25.0 in February.
Analysts had expected the index to decline to 23.0 in March.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
According to the report, shipments and new orders grew at a slower pace than in February, while employment growth held steady.
Survey measures of current prices revealed that both prices of raw materials and finished goods grew at a slightly slower pace in March.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.26% to hit 1.4188.
Meanwhile, U.S. stock markets were modestly lower after the open. The Dow Jones Industrial Average dipped 0.05%, the S&P 500 index slumped 0.1%, while the Nasdaq 100 declined 0.09%.