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Richmond Fed Tumbles Into Contraction, Confirms Regional Fed Survey Slump

Courtesy of ZeroHedge View original post here.

Confirming the pessimistic plunges in Kansas City and Philadelphia, The Richmond Fed’s Manufacturing Survey disappointed, tumbling to -5 from -1 last month (and expectations of a bounce to +1).

Source: Bloomberg

Under the hood was more worrisome:

  • Shipments fell to -6 after -2 the prior month

  • New order volume slowed to -13 after -3 the prior month

  • Order backlogs were unchanged at -11 after -11 the prior month

  • Capacity utilization slowed to -12 after 2 the prior month

  • Inventory levels of finished goods increased to 22 after 15 last month

  • Inventory levels of raw goods rose to 21 after 20 last month

So, inventories up, new orders and shipments tumbling?! Doesn’t sound like a renaissance in America to us.

And the average workweek crashed to its worst since April 2009…

Source: Bloomberg

Of course, as long as the PMIs are rebounding no one will pay attention to this… yet


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