Richmond Fed manufacturing index for September 2020
The Richmond Fed manufacturing index increase to 21 vs. 12 estimate September 2018 1 index reached 27.
- Prior report +18
- services index comes in at 6 vs. 2 in August
- shipment index comes in at 13 vs. 22 last month
- new orders 27 vs. 15 last month
- backlog of orders 15 vs. 6 last month
- capacity utilization 21 vs. 15 last month
- number of employees 23 vs. 17 last month
- wages 13 vs. 13 last month
- availability of skilled labor -20 vs. -21 last month
- average workweek 21 vs. 14 last month
- price is paid 1.91% vs. 1.62% last month
- prices received 0.93% vs. 1.43% last month
- for the full report
From the Richmond Fed, they said:
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
