Economy
November 26, 2013
Richmond Fed Manufacturing Index Surges 12 Points in November
Written by Sandy Williams
The Fifth District Manufacturing Index surged to 13 in November from an index reading of 1 in October. According to the Federal Reserve Bank of Richmond, almost all business activity indicators rose except for capacity utilization and backlog of orders, which were flat for the month.
The index for shipments advanced 18 points while the new orders index rose 15 points compared to October. Lead times were somewhat shorter and inventories were slightly leaner. Prices for raw materials and finished goods rose at a slower pace in November. Employment, wages and work week all rose during the month.
