The Fifth District Manufacturing Index fell to -20 in July (from -8 in June), indicating a sharp deterioration in manufacturing activity across shipments, orders, and employment.

• Shipments dropped to -18 (from -5), New Orders to -25 (from -12), and Employment to -16 (from -6), all deepening in contraction.
• Backlog of Orders declined to -30 (from -18), while Capacity Utilization fell to -14 (from -5).
• Vendor Lead Times shortened, with the index down to 7 (from 15).
• Prices Paid eased to 5.65% (from 6.10%) and Prices Received to 3.16% (from 3.57%); firms expect Prices Received to rise over the next 12 months.
• Future indexes for Shipments and New Orders rose modestly, but the Employment Outlook worsened to -10 (from -4).