Richmond Fed: Manufacturing firms reported slowing growth in January

"Fifth District manufacturing firms saw slower growth in January, even as each of the expansion metrics remained positive," the Federal Reserve Bank of Richmond announced on Tuesday.

Key highlights

 The composite index moved down from 20 to 14.

This decrease resulted from a decline in the metrics for both shipments and employment.

The third component, new orders, held steady. 

District manufacturing firms saw continued price increases in January. However, prices received grew at a slower rate than they had in December, while increases in prices paid was unchanged.