Manufacturing activity in the central Atlantic region expanded at an increased pace in September, according to the Federal Reserve Bank of Richmond's survey released Tuesday.
Factory shipments increased following a reduction in August, while new orders increased and growth in employment improved moderately.
Survey respondents were more optimistic about their business prospects for the next six months. Firms anticipated improved shipments, new orders and employment, as well as better expectations for capital spending.
In September, the seasonally adjusted manufacturing index increased to nine from August’s reading of three. Shipments jumped seventeen points to nine, and new orders picked up five points to 10.
Manufacturers reported that raw materials prices increased at an average annual rate of 3.18 percent in September, which is an increase from August’s reading of 1.88 percent.
The complete report can be read by clicking here.