Manufacturing in Central Atlantic states continues to grow

Central Atlantic manufacturing grew at a steady pace in January, the Federal Reserve Bank of Richmond, Va., said Tuesday. The manufacturing index for the Federal Reserve's Fifth District, which posted levels of zero in September and 1 in October, reached 13 in November and held there in December. The Fed said Tuesday the index slipped 1 point in January to 12. Numbers above zero indicate growth while below indicates contraction. The index got a boost from the new orders component index, which rose from 10 in December to 14 in January. The shipments index held close to steady, dropping from 15 to 14. The index measuring backlogged orders rose from minus 8 to minus 2. The index that keeps track of movement in employment dropped from 14 to 6, indicating payrolls are still growing, but not as fast as they did in December. The average hours of work per week is indexed and show hours gaining at a slightly accelerated pace, the index rising from 6 to 8. The index measuring growth in wages climbed one tick from 10 to 11 in the month.