Richard Fed manufacturing index for October 2021
- Richmond Fed manufacturing index 12 versus 3 estimate.
- Prior month -3
- Services index 9 versus -3 last month
- Shipments one versus -1 last month
From the Richmond Fed:
The composite index rose from −3 in September to 12 in October, as all three component indexes - shipments, new orders, and employment - increased. Backlogs of orders and lead times indexes continued to grow, as the vendor lead time index hit its highest value on record. Firms also reported that inventories of both finished goods and raw materials remained too low.
Component pieces saw:
- Number of employees 27 versus 20 last month
- Wages at 39 versus 41 last month
- Availability of skills needed -20 versus -23 last month
- Average workweek nine versus three
- Shipments 1 versus -1 last month.
- New orders 10 versus -19 last month.
- Backlog of orders 19 versus 12 last month.
- Capacity utilization 2 versus -5 last month.
- Vendor lead times 67 versus 59 last month.
- Local business conditions -4 versus -8 last month.
- Capital expenditures 17 versus 10 last month.
- Finished goods inventory -11 versus -14 last month.
- Raw materials inventories -21 versus -19 last month
- Equipment and software spending 21 versus 22 last month.
- Service expenditures seven versus six last month
On prices:
- Prices paid 13.04 versus 14.01 last month
- Prices received 9.42 versus 9.13 last month
Manufacturers were optimistic that conditions would improve in the coming months but expected inventories to remain low for some time. Below are the expectation major component values vs prior months from the survey.
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