US DATA: Richmond Fed text: “Manufacturing activity in the central
Atlantic region stalled in July after firming somewhat in June,
according to the Richmond Fed’s latest survey. The index of overall
activity was pushed lower as growth in new orders and shipments edged
into negative territory. Employment, however, continued to grow but at a
pace below June’s rate. Other indicators also suggested softer activity.
District contacts reported that backlogs and capacity utilization fell
further, but noted that delivery times and raw material goods
inventories grew at a somewhat quicker pace. Looking forward,
manufacturers were generally sanguine in July, though their optimism was
somewhat less rosy than last month. Survey contacts at an increasing
number of firms anticipated that their shipments, new orders, and
capital expenditures would grow more slowly in coming months. In
contrast, they expected backlogs of orders to grow more quickly.”