The manufacturing activity index from the Richmond Fed’s regional manufacturing survey was a reading of +14 in August. This is a significant increase from the -11 reading in July, and moves the index back above zero indicating economic expansion in the manufacturing sector. This is also the highest the Richmond Fed Manufacturing index has been since March of 2011.
The Richmond Fed is the last of the 5 leading regional manufacturing surveys conducted by Federal Reserve banks to report for August. Prior to this release it was the only survey indicating economic contraction in the manufacturing sector. Now, all 5 surveys indicate economic expansion.