The regional manufacturing index rose to 5, surpassing the 4 estimate and matching June’s revised level.
The Richmond Fed’s manufacturing index increased to 5 in July, exceeding the median forecast of 4 and equaling June’s reading. The gauge tracks factory activity in the Fifth Federal Reserve District, which includes Virginia and the Carolinas.
Analysts had anticipated a slight improvement from June’s 4 print, while the prior month’s figure was revised upward. The index remains in positive territory, signaling modest expansion in regional manufacturing.
Markets monitor regional Fed surveys for early signals on broader economic trends and inflation pressures.