US: Richmond Fed Manufacturing Index improves to -2 in January from -8 in December

Eren Sengezer FXStreet

"The composite index rose from −8 in December to −2 in January but continued to indicate weak growth," the Federal Reserve Bank of Richmond noted in its latest Fifth District Survey of Manufacturing Activity.

Key takeaways from the press release

New orders dropped to −11, its lowest reading since June 2016.
Index for backlog of orders fell to −21, its lowest reading since May 2009.
However, manufacturers remained optimistic that conditions would improve in the coming months.
Survey results indicated continued growth in employment and wages in January, but firms still struggled to find workers with the skills they need.

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.

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