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Richmond Fed Adds To Manufacturing Downside Surprises

US DATA
  • The Richmond Fed manufacturing index surprisingly slipped further in January, down to -15 (cons -8) from -11.
  • The -11 had marked the lowest since April but -15 is a new low since the Apr/May’20 depths and otherwise the lowest since 2009.
  • It continues a theme of weaker than expected regional Fed manufacturing surveys, after Empire State (-43.7 vs cons -5.0, from -14.5) and Philly Fed (-10.6 vs cons -6.5, from-12.8) surveys.
  • Richmond mfg prices: “The average growth rates of prices paid and prices received were nearly unchanged in January. Firms expect both growth rates to moderate over the next 12 months.”

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