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.