Tuesday, September 22, 2020

Richmond Fed: "Manufacturing Activity Improved in September"

by Calculated Risk on 9/22/2020 02:14:00 PM

Earlier from the Richmond Fed: Manufacturing Activity Improved in September

Manufacturing activity in the Fifth District improved in September, according to the most recent survey from the Richmond Fed. The composite index climbed from 18 in August to 21 in September, buoyed by increases in the indicators for new orders and employment. The third component index—shipments—decreased but remained positive, suggesting continued expansion. Survey results also reflected improvement in local business conditions and increased capital spending. Overall, respondents were optimistic that conditions would continue to improve in the next six months.

Results reflected higher employment among many survey participants in September and suggested several manufacturers raised wages over the month.
emphasis added
This was above consensus expectations.