US: Richmond Fed Manufacturing Index improves from 10 to 18 in August
- Richmond Fed Manufacturing Index continued to edge higher in August.
- US Dollar Index holds above 93.00 but stays in the negative territory.
The activity in the Federal Reserve's Fifth District's manufacturing sector expanded at a stronger pace in August than it did in July with the Composite Index of the Richmond Fed's Survey of Manufacturing Activity rising to 18 from 10.
"Survey results suggested many Fifth District manufacturers saw increases in employment, wages, and the average workweek in August," the publication read. "However, firms struggled to find workers with the necessary skills, as this index fell from 3 in July to −21 in August, its largest one-month drop on record."
Market reaction
This report doesn't seem to be having a significant impact on the greenback's performance against its rivals. As of writing, the US Dollar Index was down 0.2% on the day at 93.10.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
