Richmond Fed Composite Index:
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Actual -20
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Forecast -2,
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Previous -8 (revised from -7)
Fifth District manufacturing activity worsened in July, with the composite index dropping to -20 from -8. Shipments, new orders, and employment all declined, with the composite hitting the lowest since September 2024.
Despite current weakness, future outlooks for shipments and new orders improved, though future employment expectations weakened. Vendor lead times and order backlogs fell, while price growth rates moderated, with firms expecting stable input costs and rising prices received over the next year.
Despite a negative suprpise, the small-cap Russell 2000 rebounds from earlier losses after data release. Source: xStation5
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