US factory activity improves modestly in December, Richmond Fed says

Manufacturing activity in the US central Atlantic region stopped contracting at the end of 2022, the results of a survey revealed.

The Federal Reserve Bank of Richmond's manufacturing sector gauge rose from from a reading of -9 in November to 1 in December.

That beat the consensus of economists polled by the Wall Street Journal for a reading of -10.

It followed readings of stalling or declining activity over the preceding seven months.

A sub-index linked to factories' new orders improved from -14 to -4, indicating a slower pace of contraction, while another tied to shipments rose from -8 to 5 and that for employment from -1 to 3.

Meanwhile, the sub-index tracking the prices paid by firms improved from 10.2 to 9.1 and for prices received slipped from 9.9 to 7.6.