US Richmond Fed Manufacturing Index mildly recovers in October

Manufacturing activity in the fifth district remained sluggish in October, according to the most recent survey by the Federal Reserve Bank of Richmond.

The Richmond Fed manufacturing index stood at -4 in October, up from -8 the previous month and above the -5 expected by analyst. However, the index remained in negative territory indicating a contraction in manufacturing activity in the region.

“New orders and backlogs decreased this month, while shipments flattened. Hiring activity strengthened mildly across firms and wage increases were more widespread. Prices of raw materials and finished goods rose more quickly in October, compared to last month.”, said the Richmond Fed.