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Wednesday, May 18, 2022
HomeNewsEconomyRichmond Fed Manufacturing Index Beats Forecast, Strong Growth Steady

Richmond Fed Manufacturing Index Beats Forecast, Strong Growth Steady

A International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) worker gestures at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. (Photo: Reuters)
A International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) worker gestures at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. (Photo: Reuters)

A International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) worker gestures at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. (Photo: Reuters)

The Richmond Fed Manufacturing Index gauging factory activity in the Fifth District came in at 14.0, beating the 11.0 consensus forecast. Employment components showed significant strength that offset a softening in shipments and a slight decline in new orders.

Shipments fell 5 points to 8 and the volume of new orders fell slightly by 1 to 17. Backlog of orders and vendor lead times remained unchanged at 11 and and 7, respectively. Employees increased by 7 points to 17, while wages gained 1 point to 18 and and the average workweek gained 1 point to 10.

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Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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