U.S. Mid-Atlantic Factory Activity Remained Unchanged in September -- Richmond Fed
By Maria Martinez
Factory activity in the U.S. central Atlantic improved but
remained relatively flat in September, according to a survey from
the Federal Reserve Bank of Richmond released Tuesday.
The Fifth District Survey of Manufacturing Activity's index rose
to 0 in September from minus 8 in August. Economists polled by The
Wall Street Journal expected the indicator to come in at minus
The index signals that factory activity remained flat over the
month, while negative readings indicate a contraction.
The index is compiled by surveying manufacturing firms across
the Fifth Federal Reserve District, which includes the District of
Columbia, Maryland, North Carolina, South Carolina, Virginia and
most of West Virginia.
Two of the three component indexes which form the composite
indicator improved: shipments and new orders.
The shipments index rose to 14 in September from minus 8 in
August, while the new orders index went up to minus 11 from minus
20 the previous month. However, the third component, the employment
index, fell to 0 from 11 in August.
The wage index also increased dramatically, surpassing its July
and August levels, indicating that a large share of firms continue
to report increasing wages.
There wasn't much indication of supply-chain relief since
August, as the indexes for vendor lead time and backlog of orders
remained steady, although both have improved dramatically since
earlier this year, the Richmond Fed said.
On a positive note, the average growth rate of prices paid and
prices received both decreased markedly in September, the report
Manufacturers in the area are a bit more optimistic about
business conditions in the next six months, with the index gauging
short-term expectations rising to minus 7 from minus 10 in
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(END) Dow Jones Newswires
September 27, 2022 10:34 ET (14:34 GMT)
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