Report: Retail, manufacturing activity shrank during December
By The Associated Press Sunday, December 30, 2007RICHMOND, Va. - A monthly report by the Federal Reserve Bank of Richmond says retail and manufacturing activity shrank during December in five central Atlantic states, including Virginia.
But the report says the slowdown in the retail sector was not as pronounced as in the previous month. More shoppers made purchases and were less reluctant to spend on big-ticket buys than in November.
The report says weakening shipments and new orders affected manufacturing activity, but wages and hiring rose.
The monthly survey included 90 manufacturing companies and 108 service sector firms in Virginia, Maryland, North Carolina, South Carolina, the District of Columbia and part of West Virginia.
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