The Richmond, Va., Federal Reserve Bank said data showed business activity grew again in May in the Central Atlantic states, but the pace of growth slowed.
The overall manufacturing index showed business activity grew for the sixth consecutive month. However, the composite index stood at 14 in April and dropped to four in May.
New orders "grew at a rate well below April's pace," the Fed said.
While the composite index fell, the component index for employment in the district showed gains, the index moving from 10 to 16. The average work week index rose from eight to 11. However, the wage index fell eight points to six.