Mubasher: Manufacturing activity across Mid-Atlantic states eased in November, due to dropping shipments and new orders, according to a report from the Federal Reserve Bank of Richmond.

The Richmond Fed’s composite manufacturing gauge dropped to -1 in November, compared with 8 in October, which indicated contraction.

The index components gauging shipments dropped to -2 in November, from a reading of 4 last month, while volumes of new orders plunged to -3, from 7.

The number of employees dropped, with the respective gauge coming in at 5, but it remained still in a positive territory.

Manufacturers also reported a drop in backlog of orders, yet business conditions were stable.

“However, firms expected growth of prices paid to rise and prices received to fall in the next six months,” the Richmond Fed’s report said.