by Calculated Risk on 9/24/2019 10:07:00 AM
Tuesday, September 24, 2019
From the Richmond Fed: Manufacturing Activity Softened in September
Fifth District manufacturing activity softened in September, according to the most recent survey from the Richmond Fed. The composite index dropped from 1 in August to −9 in September, as both shipments and new orders fell. However, the third component, employment, rose. Firms also reported a drop in backlog of orders and weakening local business conditions but were optimistic that conditions would improve in the coming months.This was another weak report.
Survey results indicated wage growth and a slight increase in employment in the manufacturing sector in September. However, firms struggled to find workers with the necessary skills, and the indicator for the average workweek hit a nine-year-low.
Posted by Calculated Risk on 9/24/2019 10:07:00 AM