Tenth District manufacturing growth edged higher, and expectations for future activity remained at solid levels. The monthly index of prices paid for raw materials posted a new survey record high in October, and 99% of firms continued to report higher input prices compared to a year ago. Finished goods price indexes also increased from a month ago and a year ago. Moving forward, more district manufacturing firms expected additional materials and finished goods price increases over the next six months.
The month-over-month composite index was 31 in October, up from 22 in September and 29 in August. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes. Factory growth in October was driven by increased activity at nondurable goods plants, in particular paper and printing production, chemical manufacturing, and plastics products, while durable goods manufacturing grew more moderately. Most month-over-month indexes increased in October. Firms continued to report higher supplier delivery times, setting another survey record high. Even so, production, shipments, new orders, and employment expanded more in October compared to the previous month. Order backlog declined slightly. The pace of growth for month-over-month materials inventories eased from 29 to 20 in October, while finished goods materials inventories inched up. Year-over-year factory indexes expanded, and the year-over-year composite index moved from 48 to 50. Compared to a year ago, production, new orders, and supplier delivery time increased. The future composite index was 34 in October, near 35 in September, with the highest recorded expectations for supplier delivery time.
No comments:
Post a Comment