The Richmond Fed’s Fifth District Manufacturing Index fell sharply to -15 in November (from -4 in October), reflecting a broad downturn in activity driven by weaker shipments and new orders.

• Shipments dropped to -14 (from 4), marking a significant reversal and pointing to a notable pullback in output during the month.

• New Orders declined to -22 (from -6), signaling a deeper contraction in demand compared with October.

• Backlogs remained soft at -23 (from -16), indicating continued order depletion and limited forward momentum.

• Employment improved slightly to -7 (from -10), suggesting a slower pace of job reductions even as overall conditions weakened.

• Local Business Conditions fell to -20 (from -1), the weakest reading in three months and consistent with broader regional softness.

• Expectations strengthened across several categories, with future Shipments rising to 25 (from 13) and future New Orders increasing to 26 (from 12), pointing to improved sentiment looking six months ahead.

• Price pressures firmed, as Prices Paid rose to 6.84% (from 5.81%), while Prices Received held nearly steady at 3.09%, indicating slightly higher input cost growth and stable selling price trends.