Richmond Fed Manufacturing Improved in September

Fifth District manufacturing activity strengthened in September, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index rose to 21 in September from 18 in August.

The complete data series behind today's Richmond Fed manufacturing report, which dates from November 1993, is available here.

Here is a snapshot of the complete Richmond Fed Manufacturing Composite series.

Richmond Fed Manufacturing

Here is the latest Richmond Fed manufacturing overview.

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. Firms struggled to find workers with the necessary skills. Respondents expected to see a continued rise in employment and wages.

The average growth rate of prices paid by surveyed manufacturers rose in September, while that of prices received fell, widening the gap between the two. On average, firms expected growth rates of both prices paid and prices received to rise in the near future. Link to Report

Here is a somewhat closer look at the index since the turn of the century.

since 2000

Is today's Richmond composite a clue of what to expect in the next PMI composite? We'll find out when the next ISM Manufacturing survey is released (below).