Richmond Federal Reserve Manufacturing Index Falls to 15

The Federal Reserve Bank of Richmond’s Manufacturing Index declined in November, data showed on Tuesday.

The index dropped to 15 from a previous reading of 29 in October.

However, the index remained firmly in expansionary territory, as all three component indexes — shipments, new orders, and employment — had positive readings, according to the bank’s report.

Manufacturers reported improvement in local business conditions, but the spending indexes softened somewhat. Survey participants were optimistic about the future, expecting growth to continue in the coming months.