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Another Upside Surprise For A February Manufacturing Survey

US DATA
  • The Richmond Fed manufacturing index marked another mfg survey that surprised to the upside in February, at -5 (cons -9).
  • It follows February beats for the Empire survey (-2.4 vs cons -12.5), Philly Fed (+5.2 vs cons -8.1), Dallas Fed (-11.3 vs cons -15.0) and last week’s flash US mfg PMI (51.5 vs cons 50.7).
  • New orders pulled back from -16 to -5 but couldn’t replicate the shift in the Dallas survey to its first positive reading since May’22.
  • Considering Richmond Fed President Barkin’s attention to pricing power in the district: “The average growth rate of prices paid decreased in February, while the average growth rate of prices received was nearly unchanged. Firms expect both growth rates to moderate over the next 12 months.”

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