Fifth District manufacturing activity slowed in December, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index decreased from -5 in November to -11 in December. Of its three component indexes, shipments fell from -8 to -17, new orders decreased from -5 to -14, and employment edged down from 0 to -1. Firms remained generally pessimistic about local business conditions, as the index edged up but remained in negative territory. The index for future local business conditions was unchanged at -5 in December. Most firms continued to report declining backlogs as …

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