- Richmond Fed Composite Index: actual -11; forecast -3, previous -5
Manufacturing activity in the Fifth District slowed in December, with the composite manufacturing index falling further into negative territory, from −5 in November to −11. This decline was reflected in drops across shipments, new orders, and employment. Despite a slight improvement, firms' outlook on local business conditions remained pessimistic. While most firms reported decreasing backlogs, vendor lead times saw their first positive reading since June 2022. Additionally, both current and expected price growth rates increased slightly in December.

Economic calendar: US Services ISM and JOLTS report in focus
💶Eurozone Industry: A Fragile Recovery Masking Stagflationary Risks
Economic Calendar: PMI data in the spotlight; this week’s corporate calendar ⬇️
Morning Wrap: Will Project Freedom Bring Further Relief to the Markets❓ (04.05.2026)