Richmond Fed manufacturing index for October 29 vs. 18 estimate. Record high level.
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Richmond Fed manufacturing index for October 2020
- prior report
- services 19 in October vs. 6 in September
- shipments 30 vs. 13 last month
- new orders 32 vs. 27 last month
- backlog of orders 14 vs. 15 last month
- capacity utilization at 26 vs. 21 last month
- number of employees 23 vs. 23 last month
- wages 26 vs. 13 last month
- availability of skills needed -18 vs. -20 last month
- average workweek 23 vs. 21 last month
- prices paid 1.97% vs. 1.91% last month
- prices received 0.96% vs. 0.93 last month
- local business conditions 30 vs. 24 last month
- capital expenditures 13 vs. 20 last month
- finished goods inventories -2 vs. 1 last month
- raw material inventories -4 vs. -2 last month
- equipment and software spending 13 vs. 6 last month
- service expenditures 0 vs. 0 last month
The index is at its highest level on record. The previous high was at 27. Great number.
PS The record low was in April at -54
The Richmond Fed said:
Fifth District manufacturing activity
strengthened in October, according to the
most recent survey from the Richmond Fed.
The composite index rose from 21 in
September to 29 in October, its highest
reading on record, buoyed by increases in
the shipments and new orders indexes,
while the third component-the employment
index-was unchanged. Firms reported
improving business conditions and growing
backlogs of orders, overall. Manufacturers
were optimistic that conditions would
continue to improve in the coming months.