Richmond Fed manufacturing index for January.
- Prior report for December came in weaker than expected at -5 versus +1 expected
- Manufacturing index 20 versus -3 estimate. This is the highest reading cents September 2018 (when the index was at 26)
- Services expenditures -6 versus -13 in December
- New orders 13 versus -13 in December
- number of employees 20 versus 7 in December
- Avg workweek 7 versus -15 in December
- Wages 21 versus 29 in December
- Shipments 29 versus -6 in December
- Order backlog 9 versus -11 December
- capacity utilization 14 versus -12 in December
- vendor leadtime 9 versus 6 in December
- local business conditions 16 versus -6 in December
- capital expenditures 15 versus 12 in December
- finished goods inventory 28 versus 22 in December
- raw material inventory 37 versus 21 in December
- equipment and software spending -1 versus +1 in December
- price paid 1.21% versus 1.73% last month
- prices received 1.31% versus 1.60% last month
According to the Richmond Fed manufacturers were optimistic that conditions would continue to strengthen in coming months although employment and wages rose versus the prior month, firms continue to struggle to find workers with the necessary skills.
Overall much better-than-expected rebound in at Fed district.
The Philadelphia Fed manufacturing index was released on January 16 and was also better-than-expected at 17.0 versus 3.7 estimate. See the results from that report by clicking here.
