Fifth District manufacturing firms reported some deterioration in business conditions in January, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell noticeably into negative territory, decreasing from 1 in December to -11 in January. Each of its three component indexes: shipments, new orders, and employment declined, with the index for new orders plummeting from -4 to -24 in January. Alongside a slightly negative employment index, the wage index increased from 37 to 41 in January. The local business conditions index also decreased somewhat, moving ... (full story)