First, New York. Then, Philadelphia. And now Kansas City.
The Kansas City Federal Reserve Bank said that the growth of manufacturing the central part of the U.S. slowed in November, making it the third regional Fed bank to report a post-election slowdown in manufacturing.
The Kansas City Fed’s Manufacturing Survey’s composite index came in at 11 in November, down from October’s 13 level. Economists expected the indicator to rise.
The index covers factory activity in the western third of Missouri, all of Kansas, Colorado, Nebraska, Oklahoma and Wyoming, and the northern half of New Mexico. Scores above zero generally indicate expansion, while score below zero suggest contraction.
“While regional factories reported another month of growth, activity still has not returned to pre-Covid levels,” said Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City.
Most of the