US DATA: Aug Richmond Fed services revenues -1 vs +7, retail revs
-32 vs +11. Mfg text: “Manufacturing activity in the central Atlantic
region pulled back in August after stalling in July, according to the
Richmond Fed’s latest survey. The index of overall activity was pushed
lower as growth in new orders and shipments declined further into
negative territory. Employment remained in positive territory but grew
at a pace below July’s rate. Other indicators also suggested weakening
activity. District contacts indicated that backlogs and capacity
utilization continued to contract, while delivery times turned negative.
Moreover, manufacturers reported that inventory building remained on
pace with July. Looking ahead, manufacturers’ optimism regarding future
business prospects dropped considerably in August. An increasing number
of firms anticipated slower growth across the board for all future
activity indicators.”