U.S. ECONOMICS: Richmond Fed Hits Highest Since Early 2011; Jobs Input Mixed
The U.S. Richmond Fed manufacturing index jumped to 12 in August after rising 3 points to 7 in July, the highest reading since early 2011. The employment stats were mixed, however, with the number of employees falling to 11 from 13. The workweek rose to 8 from 3, while wages slid to 11 from 16. New orders more than doubled to 13 from 5. Price trends showed some softening with prices paid slowing to 1.39% from 1.99%, and prices received dropping to 0.76% from 0.99%. The 6-month business activity shipment index surged to 43 from 36, with employment at 18 from 19, and capital expenditures at 27 from 19.
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