01:25 PM EST, 12/24/2024 (MT Newswires) -- Manufacturing activity in the US Mid-Atlantic region improved in line with market expectations in December, but remained in contraction territory, data from the Federal Reserve Bank of Richmond showed Tuesday.

The composite index rose to minus 10 this month from minus 14 in November, matching the consensus estimate in a survey compiled by Bloomberg. The latest data showed that Fifth district manufacturing activity remained "soft," the Fed branch said.

The gauge for shipments rose to minus 11 in December from minus 12 last month, while new orders increased to minus 11 from minus 19. The gauge measuring the number of employees improved to minus 8 from minus 10, the regional Fed's data showed.

The annual growth rate of prices paid accelerated this month, while that of prices received dropped, according to the report.

Six months out, the index for new orders jumped to 43 this month from 37 in November, while the metric charting future shipments rose to 41 from 33. The forward-looking indicator of local business conditions increased to 40 from 31, while the future employment index swung to 9 from minus 3, the data showed.

Over the next 12 months, firms expect an increase in growth of both prices paid and received, the Richmond Fed said.

New York Fed data released earlier this month showed that New York manufacturing activity declined more than projected in December as orders and shipments tumbled. Manufacturing declines in both the US Mid-Atlantic and Midwest regions unexpectedly worsened this month, two separate surveys from the Philadelphia and Kansas City Feds showed last week.