Last month index came in at 20
The Richmond Fed manufacturing index was higher than expected at 24 versus 17 estimate. The prior month came in at 20.
- services revenue index +31 in August versus +23 last month
- shipments index +23 versus +16 last month
- services revenue index +31 versus +23 in July
- number of employees 28 versus 26 last month
- wages 43 versus 43 last month
- volume of new orders 25 versus 22 last month
- backlog of orders 15 versus 4 last month
- capacity utilization 18 versus 8 last month
- vendor leadtime 35 versus 17 last month
- local business conditions 13 versus 18 last month
- capital expenditures 21 versus 25 last month
- finished goods inventories for versus town last month
- raw materials inventories 15 versus 20 last month
- equipment and software 19 versus 18 last month
- services expenditures 12 versus 16 last month
Overall good report and moving back toward the year high levels.
The Richmond Fed overview stated:
Fifth District manufacturing activity expanded in August, according to results of the most recent survey from the Federal Reserve Bank of Richmond. The composite index rose from 20 in July to 24 in August, as all three components (shipments, new orders, and employment) increased. Respondents remained optimistic in August, expecting growth to continue in the coming months.
Employment and wages continued to rise, yet manufacturing firms continued to struggle to find workers with the skills they needed, as this indicator dropped to −17, its lowest value on record. Firms expect this struggle to continue in the next six months but anticipate sustained employment growth as well.
Respondents reported slower growth in both prices paid and prices received in August as the rise in prices paid continued to outpace growth of prices received. However, firms expect this gap to narrow in coming months, anticipating further slowing of growth in prices paid but accelerated growth of prices received.
