Richmond Fed manufacturing index for July 2019
The Richmond Fed manufacturing index for July 2019 comes in much weaker than expectations of -12 versus 5 estimate. The index is at its lowest level since January 2013.
- services revenues index +11 versus +16 in June
- manufacturing shipments index -13 versus +5 in June
- new orders -18 versus -2 last month
- backlog orders -26 versus -3 last month
- capacity utilization -24 versus -4 last month
- Vendor leadtime 1 versus 9 last month
- number of employees -3 versus +4 last month
- average workweek -9 versus +1 last month
- wages 20 versus 25 last month
- prices paid 3.04 versus 1.89 last month
- prices received 2.49 versus 1.88 last month
- finished goods inventory 17 versus 19 last month
- raw materials inventory 22 verses 25 last month
A value greater than 0 suggests expansion while values less than 0 indicate contraction.
This is disappointing number with the index at the lowest level since January 2013. It also a surprise vs the other regional indices which have been more upbeat recently. The Empire manufacturing index of July came in higher-than-expected of 4.3 versus 2.0 previously. The Philadelphia Fed business outlook index rose to 21.8 versus 5.0 estimate for July
