by Bill McBride on 3/28/2017 10:56:00 AM
Manufacturers in the Fifth District were generally upbeat in March, according to the latest survey by the Federal Reserve Bank of Richmond. The index for shipments and new orders both rose and employment gains were more common. This improvement led to a composite index for manufacturing that rose from 17 in February to 22 in March — the strongest reading for that index since April 2010. In addition to improvement in the employment index, more firms reported longer workweeks and wage increases appeared to be more widespread. …
This was the last of the regional Fed surveys for March.
Here is a graph comparing the regional Fed surveys and the ISM manufacturing index:
Click on graph for larger image.
The New York and Philly Fed surveys are averaged together (yellow, through March), and five Fed surveys are averaged (blue, through March) including New York, Philly, Richmond, Dallas and Kansas City. The Institute for Supply Management (ISM) PMI (red) is through February (right axis).
It seems likely the ISM manufacturing index will show solid expansion in March (to be released next week).