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Manufacturing Sector Activity Grew Moderately in Mid-Atlantic

Federal Reserve Bank of Richmond (09/23/14)

Manufacturing activity in the Mid-Atlantic states and Carolinas continued to grow at a moderate pace in September, according to the most recent survey by the Federal Reserve Bank of Richmond. The composite index for manufacturing rose from 12 last month to 14 in September. Manufacturing employment also strengthened this month, while average wages rose at a slower pace and the average workweek lengthened. The September employment index rose from 11 last month to 17 in September. The average workweek index rose from eight to 10, but the index for average wages shrank from 11 to nine.

Survey participants anticipate steady growth in the number of employees and the average workweek during the next six months. Additionally, they expect faster growth in wages.