Richmond Fed manufacturing index for July 0 vs. -13 estimate

• Richmond Fed manufacturing composite index 0 vs -13 estimate and -9 (revised from -11) last month. That was the highest level since April
• services index -13 vs. 0 last month
• shipments +7 vs. -15 last month
• new orders -10 vs. -20 last month
• employment 8 vs. 16 last month
• local business conditions -13 vs -32 last month
• lender lead time 0 vs. 9 last month
• capacity utilization -7 vs. -9 last month
• backlog of orders -15 vs. -15 last month
• capital expenditures 14 vs. 10 last month
• finished goods inventories 0 vs. -3 last month
• raw material inventories 3 vs. -7 last month
• equipment and software spending 14 vs. 16 last month
• wages 30 vs. 37 last month
• availability of skills needed -19 vs. -12 last month
• Conditions in the next 6 months -10 vs -28 last month
• prices paid 12.49 vs. 12.88 last month
• prices received a .92 vs. 10.31 last month

Re: prices expectations of the next 6 months:

• prices paid 6.29 vs. 5.77 last month
• prices received 4.46 vs. 4.86 last month

From the Richmond Fed:

• The composite manufacturing index rose from -9 in June to 0 in July, as two of its three component indexes showed marked improvement. The indexes for shipments and volume of new orders rallied from -17 and -20 in June to 7 and -10 in July, respectively. The third component, the employment index, fell to 8 in July from 16 in June.
• The wage index remained elevated, despite a downward shift, indicating that a large share of firms continues to report increasing wages.
• Firms were also more optimistic about conditions in the next six months as the expectations index increased to -10 in July from -28 in June.
• There was further indication of supply chain relief as the index for vendor lead time decreased again in July and the indexes for raw materials and finished goods inventories increased.
• The average growth rate of prices paid and prices received decreased in July.

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