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Manufacturing Activity Weakened in October
Many Fifth District manufacturing firms reported weaker conditions in October, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from 0 in September to -10 in October, dipping below its August level. Two of its three component indexes deteriorated notably: the indexes for shipments and volume of new orders fell from 14 and -11 in September to -3 and -22 in October, respectively. The third component, the employment index, remained unchanged at 0 in October, as hiring challenges persisted. The wage index decreased slightly but remained elevated. The ... (full story)