Richmond Fed manufacturing index
The Richmond Fed manufacturing index for February came in weaker than expected at -2 versus +10 estimate. This is much lower than the 20 reading in January.
- Shipments +1 versus +29 in January
- services revenue index 26 versus +10 in January
- new orders -10 versus +13 last month
- order backlog -6 versus +9 last month
- capacity utilization 2 versus 14 last month
- inventory levels of finished goods 21 versus 28 last month
- inventory levels of raw goods 34 versus 37 last month
- number of employees 8 versus 20 last month
- wages 26 versus 21 last month
- availability of skilled needs -35 versus -26 last month
- capital expenditures 6 versus 15 last month
- local business conditions 6 versus 16 last month
- prices paid 1.95% versus 1.21% last month (annualized percentage change)
- prices received 1.54% versus 1.31% (annualized percentage change
the range of estimates for the manufacturing index were from 3 to 15.
The Richmond Fed reached -5 in December 2019. The low for 2019 reached -12 in July.
The most recent high was last month 20 reading. The 2017 and 2018 highs both reached +26.
Moving back into the negative is not great. However the index can be quite volatile.
