A downturn for the energy industry fueled a slowdown in regional manufacturing in January, according to a survey released Thursday by the Federal Reserve Bank of Kansas City.
The Fed said its monthly index that measures manufacturing in a seven-state region, which includes part of Missouri, dropped to 3 in January. Though still positive, that’s down from 8 in December and 6 in November.
The report also indicated that factory employment in the region dipped to a five-month low.
The Fed’s index takes into account production, new orders, employment, supplier delivery time and raw materials inventory.