Richmond Fed Indices Show Improvement

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Economic Update: Richmond Fed Index

The Richmond Fed Manufacturing Index, which is designed to indicate the health of the manufacturing sector in the district, rose in September to a reading of +4 from -9 in August and -17 in July.

The report states: “Manufacturing activity in the central Atlantic region firmed somewhat in September, following three months of contraction, according to the Richmond Fed's latest survey. The seasonally adjusted index of overall activity edged higher as positive readings for shipments and new orders offset the negative reading for employment.”

The report also said that the outlook going forward is improving. “Looking ahead, assessments of business prospects for the next six months were more optimistic in September. Contacts at more firms anticipated that shipments, new orders, backlogs, capacity utilization, and vendor lead-times would grow more quickly in the months ahead.”

On the services sector, the survey of activity was summarized as follows: “Service sector activity picked up moderately in September, according to the latest survey by the Federal Reserve Bank of Richmond. Strengthening revenues at non-retail services firms and a modest increase in retail sales pushed the broad sector revenues higher. Although cumulative retail sales edged up, big-ticket sales weakened; in addition, retail inventories grew more quickly this month. Shopper traffic remained nearly flat for a second month. Looking ahead, survey participants expected demand to continue to strengthen during the coming six months.”

Other stories on the US Economy to review:

• Consumer Confidence Surges Higher in September
  
• Case-Shiller Home Price Index Improves for 3rd Straight Month
  
• Philly Fed Index Improves in Sept, But Weakness Persists
  
• LEI Dips in August
  
• Exsiting Home Sales Improve in August
  
• Housing Starts Up in August, Permits Lower
  
• Homebuilder Confidence Up Again in Sept
  
• UofM Sentiment Surprises to Upside
  
• Industrial Production, Capacity Utilization Decline in August
  
• Retail Sales Improve In August
  
• CPI - Inflation In Line With Consensus
  
• PPI Hotter Than Expected in August
  
• Jobs Report Disappoints in August
  
• ADP Employment Surprises to the Upside Again in August
  
• Challenger Planned Job Cuts Hit 20-Month Low
  
• U.S. Productivity Improves, Labor Costs Steady
  
• Big Miss: Construction Spending Dives
  
• ISM Manufacturing Remains Weak in August
  
• Personal Income and Spending Rise in July
  
• Pending Home Sales Improve in July
  
• Q2 GDP Revision Shows Economy Grew at 1.7% Rate
  
• Orders for Durable Goods Up Again in July

 

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