Richmond Fed Manufacturing Index Holds at -2 in October: Shipments Rise to 0, New Orders Slip to -8
The Federal Reserve Bank of Richmond released its monthly manufacturing survey on October 27: the composite manufacturing index for the Fifth Federal Reserve District was -2 in October, the same level as September and slightly below the -1 reading expected by economists polled by The Wall Street Journal, indicating that factory activity in the region was essentially flat and remained in contraction territory.
Among the components, the shipments index rose to 0 from -5 in September, while the new orders index fell to -8 from -6 and the employment index decreased. The local business conditions index dropped to -8 from -6, and the index for future local business conditions also fell. On prices, the average growth rate of prices paid was little changed from September, while the average growth rate of prices received increased.
Headquartered in Richmond, Virginia, the Richmond Fed serves the Fifth District, which covers the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia, with branch offices in Baltimore and Charlotte. The monthly survey is one gauge of manufacturing conditions in the U.S. Mid-Atlantic region.
The data came as the Federal Open Market Committee (FOMC) was holding its October 27-28 monetary policy meeting in Washington, with its rate decision due on October 28.
Source: GSM · USA (original Chinese edition)
Photo: 图：位于 Richmond 的里士满联邦储备银行总部大楼（Ben Schumin 摄，Wikimedia Commons，CC BY-SA 3.0）。Image: The Federal Reserve Bank of Richmond headquarters in Richmond, Virginia (Ben Schumin, Wikimedia Commons, CC BY-SA 3.0).
