Richmond Fed
Richmond Fed manufacturing activity index

The Richmond Fed manufacturing composite index fell to 1 versus 8 last month. The estimate was for a small rise to 10.

The decline was due to weakening indices for shipments new orders with both turning negative on the month. The good news is that employment increased to 20 from 4 in January.

On the supply side, firms reported decreases in order backlog's (the index turned negative on the month). Vendor lead times remain near historic highs, however.

Firms remain optimistic about future conditions.

Below are the component pieces of the index for the month of February.

  • Shipments -11 versus 14 last month
  • new orders -3 versus six last month
  • Number of employees 20 versus four last month
  • Wages 35 versus 40 last month
  • Availability of skills needed -16 versus -19 last month
  • Average workweek -1 versus six last month
  • Backlog of orders -4 versus two last month
  • Capacity utilization -12 versus four last month
  • Vendor leadtimes 45 versus 50 last month
  • Local business conditions -6 versus -4 last month
  • Capital expenditures 20 versus 16 last month
  • Finish good inventories -14 versus -13 last month
  • Raw materials inventories -22 versus -17 last month
  • Equipment and software spending 31 versus 15 last month
  • Services expenditures 12 versus two last month
  • Prices paid 12.27 versus 14.32 last month
  • Prices received a .7 versus 11.27 last month

To view the full report CLICK HERE

The other regional indices have come in weaker for February:

/EURUSD