U.S. Richmond Fed manufacturing index was flat at 14 in August
U.S. Richmond Fed manufacturing index was flat at 14 in August after rising 3 points to that level in July amid broadbased gains. The year-to-date range has been from 3 (May) to 19 (February) and was at 1 in October. The employment component increased to 17 after doubling to 10 in July from June's 5, with the workweek edging up to 10 following the 8 point gain to 9 previously. The wage index improved slightly to 18 from 17. The new order volume index dipped to 17 from 18. The growth in prices paid slowed to 1.49% pace versus 1.78% previously, with prices received at 0.91% from 0.99%. The 6-mnth business activity shipment index fell to 45 following the prior 10 point gain to 50 in July, with the future employment index at 30 from 33, new orders at 41 from 50, prices paid at 1.43% from 1.55% and capital expenditures at 30 from 33. All in all, it's a solid report that reflects the ongoing trend of decent growth and slumping prices.