Tuesday, September 22, 2015

Richmond Fed: "Manufacturing Sector Activity Generally Softened" in September

by Bill McBride on 9/22/2015 10:03:00 AM

From the Richmond Fed: Manufacturing Sector Activity Generally Softened; Average Wages Grew Moderately

Fifth District manufacturing activity slowed in September, according to the most recent survey by the Federal Reserve Bank of Richmond. Order backlogs and new orders decreased, while shipments declined. Average wages continued to increase at a moderate pace this month, however manufacturing employment grew mildly.

Overall, manufacturing conditions weakened in September. The composite index for manufacturing decreased to a reading of −5, following last month's reading of 0. The index for shipments remained negative, only gaining one point to end at −3. Additionally, the volume of new orders decreased this month. At an index of −12, the September indicator lost 13 points from last month's reading of 1. Manufacturing employment increased mildly this month. The indicator added two points, ending at a reading of 3.
emphasis added
This was another weak regional manufacturing report.