The latest
survey from the Federal Reserve Bank of Richmond revealed on Tuesday that the
U.S. fifth district's manufacturing softened in September.
According to
the report, the composite manufacturing index declined from +1 in August to -9
in September, due mainly to decreases in shipments and new orders, which,
however, were partially offset by a gain in employment.
Economists had
expected a reading of -11.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.