Activity in the Federal Reserve’s 10th District has declined modestly, according to the May manufacturing survey released by the Federal Reserve Bank of Kansas City on Thursday.
Weakness in the energy sector and agriculture-related manufacturing continued to pull overall numbers down, according to the survey.
“Regional factory activity continued to drift down in May,” Chad Wilkerson, an economist at the Kansas City Fed, said in a news release. “Still, firms expect a modest pickup in activity later this year.”
The month-over-month composite index for the district was -5 in May, largely unchanged from the survey’s March and April findings. The index is an average of the production, new orders, employment, supplier delivery time and raw materials inventory indexes.
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Production of durable goods, according to the survey, improved slightly but remained at low levels, while non-durable goods production – particularly for food, chemical and plastic items – slowed.
The 10th District includes Kansas, Oklahoma, Nebraska, Colorado, Wyoming, the western third of Missouri and the northern half of New Mexico.
Results for the current survey and past surveys can be found at kansascityfed.org/research/indicatorsdata/mfg.