US DATA: June Richmond Fed mfg ext: “Manufacturing activity in the
central Atlantic region softened in June, following six months of
moderate expansion, according to the Richmond Fed’s latest survey.
Looking at the main components of activity, shipments edged into
negative territory as growth in new orders experienced notable declines
and employment grew at a rate well below May’s pace. Most other
indicators also suggested weakening activity. District contacts reported
that capacity utilization and vendor lead-time turned negative, while
growth in order backlogs exhibited marked weakness. Manufacturers
reported that finished goods inventories grew at a much quicker pace,
while raw materials were nearly unchanged. Despite the moderation in
recent activity, assessments of business prospects for the next six
months were in line with last month’s readings. Contacts at more firms
anticipated that shipments, new orders, backlogs, capacity utilization
and capital expenditures would grow at a solid pace.”
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