Economic activity continued to increase at a modest to moderate pace in October and mid-November, according to anecdotal reports from contacts across the 12 Federal Reserve Districts. On balance, manufacturing activity continued at a modest pace of growth, but signs of a slowdown emerged. Firms reporting increases in new orders and shipments fell compared with the prior period. Generally, manufacturing contacts continued to expect growth over the next six months.
The makers of paper products, chemicals, primary metal products, fabricated metal products, and industrial machinery continued to note gains in new orders and shipments; firms in the lumber and electronic equipment sectors reported declines in activity.