From the Kansas City Fed: Tenth District Manufacturing Activity Expanded Moderately
The Federal Reserve Bank of Kansas City released the October Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity expanded again at a moderate pace.
“This was the second consecutive month of rising factory activity in the Tenth District, the first time that has happened in nearly two years,” said Wilkerson. “Much of the improvement recently has been in machinery and fabricated metals manufacturing.”
The month-over-month composite index was 6 in October, equal to 6 in September and up from -4 in August … Most month-over-month indexes improved further in October. The production index edged higher from 15 to 18, and the shipments, new orders, and order backlog also rose moderately. The employment index climbed from -3 to 7, its highest level in almost two years. …
The Kansas City region was hit hard by the decline in oil prices, and it appears activity is starting to expand again.