Richmond Fed manufacturing index
The Richard Fed manufacturing index came in better-than-expected at 28 versus 15 (much better than expectation). The prior month was down at 14.
- This is the 2nd highest reading on record.
- The gains were driven by increases in shipments, orders, and employment
- The wages index remained in positive territory at 23,
- The available skills metric dropped from −10 in January to −17 in February.
- Despite greater difficulty finding skilled workers, District manufacturing firms saw strong growth in employment and the average workweek in February.
- Survey results show that manufacturers expect to see continued growth in the coming months.
- Manufacturing firms saw growth accelerate for both prices paid and prices received, with each increasing at the highest rate since April 2017. Firms expect prices to continue to grow at a faster rate in the near future.
Some of the details from the report.
- shipments, 31 versus 15 last
- backlog of orders, 18 versus 5 last
- number of employees, 25 versus 10 last
- volume of new orders 27 versus 16 last
- capacity utilization 32 versus 13 last
- local business conditions 29 versus 13 last
- capital expenditures 28 versus 18 last
- finished goods inventory unchanged at 17
- equipment and software 27 versus 22
- services expenditure 10 versus 8
- vendor leadtimes 18 unchanged
- Prices paid 1.89 vs 1.79 last
- Prices received 1.57 vs 1.18 last
- Wages 23 vs 24 last
Strong report. The conference consumer confidence was also stronger meds helped to push the dollar higher.
