Federal Reserve Bank of Richmond (10/28/14)

Fifth District manufacturing activity expanded in October, according to the most recent survey by the Federal Reserve Bank of Richmond. Shipments and the volume of new orders grew robustly this month, while manufacturing employment growth continued at a moderate pace. The October employment index declined from 17 in September to 14 in October. The average workweek index declined from 10 to 9, and the average wage index rose from 9 to 11.

Manufacturers remain optimistic about future business conditions. Producers expect increased capacity utilization and rising backlogs over the next six months. The index for expected employment rose from 17 to 18.