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- Richmond Fed Manufacturing Index jumps to 22 in March, the highest level since April 2010
Richmond Fed Manufacturing Index jumps to 22 in March, the highest level since April 2010
The Federal Reserve Bank of Richmond released its survey of manufacturing activity on Tuesday. The composite index for manufacturing jumped to 22 in March from -4 in February. It was the highest level since April 2010.
Analysts had expected the index to increase to -1.
The increase was mainly driven by rises in shipments and new orders.
Shipments sub-index climbed to 27 in March from -11 in February, while new orders sub-index was up to 24 from -6.
The employment sub-index rose to 11 from 9.
"Overall, manufacturing activity increased markedly in March. The composite index for manufacturing climbed to a reading of 22, the highest since April 2010," the survey said.
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