Regional manufacturing survey from the Richmond Fed
- Prior was +10
- Services index +2 vs -14 prior
- Manufacturing shipments +22 vs +23 prior
- New orders +15 vs +9 prior
- Employment +17 vs -3 prior
- Full report
This is a good sign on the industrial side of the economy. There were worries about stockpiling coming out of the pandemic but there's not much of that here. Within the report, the 'current conditions' numbers are all good but the 'expectations' components are almost universally soft. The backlog of new orders dipped to +13 from +29. The volume also fell to +25 from +48.
