Richmond Fed: Regional Manufacturing Activity Better But Still Tepid

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The Federal Reserve Bank of Richmond’s Regional Manufacturing Activity Survey posted some modestly improved numbers in October 2025, but overall activity was still muted. The top line composite manufacturing index improved to -4 in October from -17 in September, with the shipments component moving up firmly to +4 in October from -20 in the prior month. Employment and wages moved up marginally, but the “availability of talent” component fell. While the current local business conditions index improved to -1 from -12, the forward expectations component fell to -5 in October from -1 in September. Still, it’s better than the -10 recorded in October 2024.


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