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Flat Richmond Fed Manuf. Data Shows Further Signs Of Bottlenecks

US DATA

The April Richmond Fed Manufacturing Activity index came in at 17 - unchanged from March, and below expectations of 22.

  • This was another reading (following PMIs etc) that showed continued bottlenecks in U.S. supply chains, with input/output prices rising and skilled workers hard to find.
  • Per the Richmond Fed: "all three component indexes — shipments, new orders, and employment — remained positive. Survey responses indicated supply constraints, with the backlog of orders and vendor lead time indexes registering historic highs."
  • Despite this, "manufacturers were optimistic that conditions would continue to improve in the coming months."

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