Federal Reserve Bank of Richmond (09/22/15)

Fifth District manufacturing activity slowed in September, according to the the Federal Reserve Bank of Richmond. The composite index for manufacturing decreased to a reading of -5, following August’s reading of 0. The index for shipments remained negative, only gaining one point to end at -3. Additionally, the volume of new orders decreased this month. At an index of -12, the September indicator lost 13 points from last month’s reading of 1.

Manufacturing employment increased mildly this month. The indicator added two points, ending at a reading of 3. However, the average workweek indicator dropped sharply to a reading of -12 from a reading of 3, while the gauge for average wages remained at a solid reading of 15 for a second month. Firms planned to increase hiring in the months ahead, with the expectations index gaining seven points from last month’s index for expected employment to end at 26.