Prior was +3 Services index xx vs +9 prior Manufacturing shipments xx vs -2 prior For background, the Federal Reserve Bank of Richmond’s monthly Survey of Manufacturing Activity is one of five regional Fed surveys closely watched as early reads on U.S. factory conditions,…
ongside the Empire State, Philadelphia, Dallas, and Kansas City surveys. Released on the fourth Tuesday of each month at 10:00 a.m
ET, it covers manufacturers in the Fed’s Fifth District, Maryland, the District of Columbia, Virginia, most of West Virginia, North Carolina, and South Carolina, drawing responses from roughly 100 to 190 plants. The headline composite index is a weighted average of three subindexes: new orders (40%), shipments (33%), and employment (27%). It is a diffusion index that ranges between +100 and -100, with positive readings signaling expansion and negative readings contraction.
Markets watch the survey as a directional input for the national ISM Manufacturing PMI later in the cycle, and pay particular attention to its prices paid and prices received subindexes for early signals on goods inflation. useppe Dellamotta