The results of the April Richmond Fed manufacturing index were released about 45 seconds early:
- Prior reading was +3
- Employment +3 vs +9 prior
- New orders -8 vs -4 prior
So far this month, the manufacturing PMIs have been weak:
- Empire was +3 compared to +7 expected
- Philly was +1.3 versus +3.0 exp (with weak employment/new orders)
- Markit PMI earlier today 52.0 vs 53.9 exp
Slight tick down in risk but it’s growing increasingly clear that there are some real signs of economic slowdown in the US, or at least in manufacturing.
