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“Fifth District manufacturing activity was robust in September, according to results of the most recent survey from the Federal Reserve Bank of Richmond,” the Federal Reserve Bank of Richmond announced on Tuesday and added: “The composite index rose from 24 in August to 29 in September, buoyed by increases in shipments and new orders, while the index of the third component, employment, dropped.”

Key takeaways from the press release

  • Survey respondents were optimistic, expecting growth to continue in the next six months.
  • The employment index fell in September but remained positive, while growth in wages and the average workweek expanded.
  • Firms reported faster growth in both prices paid and prices received in September, after price growth had slowed in August.