la lettura dei grafici è semplice: sopra lo zero espansione , sotto contrazione May manufacturing activity expanded for fifth straight month; shipments and orders remain strong; planned capital expenditures increase Fifth District manufacturing activity expanded for the fifth straight month in May according to the Richmond Fed’s monthly survey. Respondents reported continued strong growth in shipments and new orders, and modest growth in order backlogs. Vendor lead-time was about flat, and finished goods and raw materials inventories grew at a slightly slower pace than a month ago. On the job front, manufacturers reported that worker numbers were flat; wages again grew modestly; and the workweek also grew, but at a somewhat slower pace than last month. Looking forward, respondents remained upbeat about the economic outlook-particularly for shipments, new orders and capital expenditures. Price increases at District manufacturing plants remained very modest in May. Looking to the next six months, respondents continued to expect raw materials and finished goods prices to increase between one and two percent. Current Activity In May, the seasonally adjusted shipments index advanced at a slightly slower pace, slipping from 24 to 21. The new orders index finished at 16, two points lower than May’s reading of 18. The orders backlog index remained unchanged at 3, while the capacity utilization index inched down four points to also finish at 3. Vendor lead-time was nearly flat, gaining three points from -4 to -1. Both finished goods and raw materials inventories grew somewhat slower in May when compared to April. The finished goods inventory index moved down one point to end at 18 and the raw materials index fell five points to finish at 9.