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Thursday, October 29, 2020
HomeNewsEconomyFifth District Manufacturing Activity Grew at Fastest Pace Since September 2018

Fifth District Manufacturing Activity Grew at Fastest Pace Since September 2018

Manufacturing Export Wooden Crate, reading Made in Virginia. 3D Illustration for Fifth District Manufacturing Survey for the Federal Reserve Bank of Richmond. (Photo: AdobeStock)
Manufacturing Export Wooden Crate, reading Made in Virginia. 3D Illustration for Fifth District Manufacturing Survey for the Federal Reserve Bank of Richmond. (Photo: AdobeStock)
Manufacturing Export Wooden Crate, reading Made in Virginia. 3D Illustration for Fifth District Manufacturing Survey for the Federal Reserve Bank of Richmond. (Photo: AdobeStock)

Richmond, Va. (PPD) — The Federal Reserve Bank of Richmond Fifth District Survey of Manufacturing Composite Index hit the highest level in since September 2018. The composite index climbed from 18 in August to 21 in September, fueled by gains in new orders and employment.

Forecasts ranged from a low of 10 to a high of 16. The consensus forecast was 12.

The results reflect improvement in local business conditions and increased capital spending. Respondents were optimistic that conditions would continue to improve in the next six months.

The survey found higher employment in September and indicates several manufacturing firms in the Fifth District raised wages. However, firms struggled to find qualified workers. Respondents expected to see a continued rise in employment and wages.

Written by
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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