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Mid-Atlantic manufacturing activity recovers in October

Mid-Atlantic manufacturing activity recovers in October

Mubasher: Manufacturing activity across Mid-Atlantic states picked up in October, according to a report from the Federal Reserve Bank of Richmond.

The Richmond Fed’s composite manufacturing gauge rose to 8 in October, compared with -9 in September.

It is worth noting that positive readings signal growth, while negative readings indicate contraction.

Three of the index components gauging shipments, volumes of new orders and employment rose to 4, 7 and 13.

Manufacturers also reported an increase in order books, with the respective gauge rising to 6 from -11, while local business conditions indicator improved to 4.

“Respondents were optimistic that conditions would continue to improve in the next six months,” the Richmond Fed’s report said.