“In August, manufacturing activity in the central Atlantic region expanded for the fourth straight month,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond.
“Looking at the main components of activity, shipments expanded further, while new orders grew at a slightly slower rate and employment steadied,” the bank said. “Correspondingly, solid activity was evident in other broad indicators. Capacity utilization continued to strengthen notably, while backlogs and vendor delivery times matched July’s pace.
“In addition, manufacturers reported considerably quicker growth in raw materials inventories, but noted slower growth in finished goods materials inventories.”
The manufacturing index remained at 14 in August.
