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US Manufacturing Keeps Improving, As Richmond Fed Comes Out of Contraction

Posted Tuesday, July 28, 2020 by
Skerdian Meta • 1 min read

The Richmond manufacturing index fell to -53 points, which was pretty close to the record low of -55 points which was printed in December 2008. But, it started improving in May as the economy started to re-open and it has been improving since then. It showed that this sector turned to expansion again this month. But, the consumer confidence which is more important weakened this month, after improving since April.

US July Manufacturing Survey From the Richmond Fed

  • July Richmond Fed manufacturing +10 points against +5 expected
  • June Richmond Fed manufacturing was 0 points
  • Services index -14 points against -27 prior
  • Manufacturing shipments +23 points against vs -4 prior
  • New orders +9 points against +7 points
  • Employment -3 points against -6 points
The services index is negative at -14 points, which is probably due to the protests/riots in the US. Manufacturing shipment posted a decent jump this month, but employment remains a drag again, at -3 points.
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