Richmond Fed Manufacturing Report Expands Strongly

Manufacturing activity in the Fifth District expanded strongly in August, with the Richmond Fed Manufacturing Index rising 4 points to 24. Exceeding the consensus forecast as well as the range of analysts' expectations, the strong August growth was broad-based, buoyed by increases in shipments, up 7 points to 23, new orders, which rose 3 points 25, and employment, where the number of employees was up 3 points to 22.