US: Richmond Fed Manufacturing Index improves to -2 in January from -8 in December

"The composite index rose from −8 in December to −2 in January but continued to indicate weak growth," the Federal Reserve Bank of Richmond noted in its latest Fifth District Survey of Manufacturing Activity.

Key takeaways from the press release

• New orders dropped to −11, its lowest reading since June 2016.
• Index for backlog of orders fell to −21, its lowest reading since May 2009.
• However, manufacturers remained optimistic that conditions would improve in the coming months.
• Survey results indicated continued growth in employment and wages in January, but firms still struggled to find workers with the skills they need.