The Richmond Fed’s October manufacturing report crushed expectations.
The composite index came in at 20, topping expectations for a reading of 11.
Expectations were for the reading to come in at 11, down from last month’s 14 reading, which was better than expected.
Tuesday’s report showed that, “Shipments and the volume of new orders grew robustly this month, while manufacturing employment growth continued at a moderate pace. Average wages rose modestly and the average workweek shortened slightly compared to a month ago.”
According to the Richmond Fed, “Survey participants’ outlook for the months ahead included faster growth in the number of employees and average wages, with steady growth in the average workweek.”
Additionally, the report showed that manufacturers expected slower growth in prices paid and anticipated faster growth in prices recieved over the next six months.”