Investing.com - The Federal Reserve Bank of Richmond’s manufacturing index rose modestly in October, official data showed on Tuesday.
In a report, Federal Reserve Bank of Richmond said that its manufacturing index improved to a seasonally adjusted 1.0 this month 0.0 in September.
Analysts had expected the index to hold steady at 0.0 this month.
Although the average workweek was little changed, manufacturing employment picked up slightly and average wages continued to grow.
Manufacturers' outlook for the six months ahead was optimistic, though somewhat less buoyant than in recent months.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.62% to trade at 1.3765.
Meanwhile, U.S. stock markets were higher after the open. The Dow Jones Industrial Average added 0.6%, the S&P 500 index rose 0.65%, while the Nasdaq Composite index gained 0.55%.
In a report, Federal Reserve Bank of Richmond said that its manufacturing index improved to a seasonally adjusted 1.0 this month 0.0 in September.
Analysts had expected the index to hold steady at 0.0 this month.
Although the average workweek was little changed, manufacturing employment picked up slightly and average wages continued to grow.
Manufacturers' outlook for the six months ahead was optimistic, though somewhat less buoyant than in recent months.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.62% to trade at 1.3765.
Meanwhile, U.S. stock markets were higher after the open. The Dow Jones Industrial Average added 0.6%, the S&P 500 index rose 0.65%, while the Nasdaq Composite index gained 0.55%.