Richmond Fed's manufacturing index softens in September.
Fifth District manufacturing activity softened in September, according to the Richmond Federal Reserve, with the headline composite index slipping back into negative territory.
Source: Sharecast
The composite measure fell to ‑2 from 4 in August, as shipments dropped to ‑5 from 11 and new orders declined to ‑6 from 3. The employment index, however, improved to 7 from ‑2, signalling modest hiring momentum.
Forward looking indicators for shipments and new orders remained in positive territory, though the employment expectations index fell sharply to 8 from 20, pointing to a cooler outlook for labour demand.
Local business conditions weakened, dropping to ‑6 from 4, while the future conditions index eased further to 10 from 16.
Price pressures picked up, with the average growth rate of prices paid rising notably in September, while prices received increased only slightly, and firms expect both measures to moderate over the next year.
Reporting by Iain Gilbert at Sharecast.com
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