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  • Richmond Fed Manufacturing Index rose modestly in September.
  • US Dollar Index climbs higher toward 94.00 in American session.

The activity in the Federal Reserve’s Fifth District’s manufacturing sector expanded at a stronger pace in September than it did in August with the Composite Index of the Richmond Fed’s Survey of Manufacturing Activity rising to 21 from 18. Further details of the report showed that the Manufacturing Shipment Index declined from 22 to 13. 

“Results reflected higher employment among many survey participants in September and suggested several manufacturers raised wages over the month, the publication read. “Firms struggled to find workers with the necessary skills. Respondents expected to see a continued rise in employment and wages.”

Market reaction

The US Dollar Index edged higher after this report and was last seen gaining 0.27% on the day at 93.81.