Tuesday, September 24, 2019

Richmond Fed: "Manufacturing Activity Softened in September"

by Calculated Risk on 9/24/2019 10:07:00 AM

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.

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.
emphasis added
This was another weak report.