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Richmond Fed's Current Activity Index rose from 24 to 29 in September
Fifth District manufacturing activity was robust in September, according to results of the most recent survey from the Federal Reserve Bank of Richmond. The composite index rose from 24 in August to 29 in September, buoyed by increases in shipments and new orders, while the index of the third component, employment, dropped. Survey respondents were optimistic, expecting growth to continue in the next six months.
The employment index fell in September but remained positive, while growth in wages and the average workweek expanded. Manufacturing firms continued to struggle to find employees with the skills they needed, and they expect this difficulty to continue in the coming months.
Firms reported faster growth in both prices paid and prices received in September, after price growth had slowed in August. Growth in prices paid continued to outpace growth in prices received. However, firms anticipate slowing of growth in prices paid and accelerated growth of prices received to narrow the gap in the near future.
Posted: September 25, 2018 Tuesday 10:00 AM