Richmond Fed Manufacturing Index Declines in October Amid Weakening New Orders
The Richmond Federal Reserve's manufacturing index fell to -2 in October, missing the consensus estimate of 0. This decline follows a similar reading of -2 in September, indicating continued contractionary pressure within the regional manufacturing sector. The downturn was driven by weakness in key component indexes, specifically new orders which dropped to -8 from -6. Employment levels also saw a decrease during the period, suggesting a cooling trend in industrial activity and demand within the Richmond Fed's district.
Topics: economic data Federal Reserve Bank of Richmond manufacturing sector Richmond Manufacturing Index