Photo: Sean Gallup/Getty Images
UPDATE:Manufacturing in the Fifth Federal District blew past expectations in April, jumping to a reading of 14 from a reading of 7 in March, registering substantively stronger activity during the month.
Economists polled by Bloomberg had forecast the key index to decline to 6. Readings above zero indicate expansion.
All three components of the employment sub-index logged increases, including the wages, length of work week, and number of employees metrics.
“Hiring activity strengthened at District plants in April,” the Federal Reserve said in its report. “The manufacturing employment index moved up four points to end at 10, and the average workweek indicator edged up one point to 3. The wage index added three points to 14.”
Expectations for the future also remained bright, with the new shipments sub-index moving to 28 from 26, and the new orders sub-index declining slightly to 29.
“Looking ahead, manufacturers’ optimism remained in place in April,” the Fed said. “Contacts at more firms anticipated that shipments, new orders, backlogs, capacity utilization, and capital expenditures would continue to grow at a solid pace in the months ahead.”
Below, a look at current activity.
Photo: Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond is set to report manufacturing activity in the region at 10:00 a.m., with expectations for a slight decline in outlook.
Economists polled by Bloomberg anticipate the index will fall to 6, from 7 in March. A reading above zero indicates economic expansion.
The fifth federal district includes the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and parts of West Virginia.