Richmond Fed: Manufacturing Activity Continues to Expand in May: Expectations Remain Optimistic
MP: The Richmond Fed index has now been positive in 10 out of the last 12 months, the first time since 2004 of that many positive readings in a one-year period since 2004. Also, the two latest monthly readings of 30 in April and 26 in May are the two highest Richmond Fed index values in the history of the index back to 1994.
1 Comments:
it seems to me that after a downturn 2.5 times as deep as the previous one, a recovery only 1.5 times as strong (and now fading) could be interpreted as a bit tepid, especially with new orders and jobs heading down.
from the release:
"In May, the seasonally adjusted composite index of
manufacturing activity—our broadest measure of
manufacturing—declined four points to 26 from
April’s reading of 30. Among the index’s
components, shipments edged up two points to 32,
new orders inched down five points to finish at 36,
and the jobs index dropped nine points to end at 4.
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