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Richmond Fed Points To Broader Activity Slowdown

US

As if today's PMI and home sales weren't bad enough, some attention being paid to the weak May Richmond Fed index: -9 was the worst reading since May 2020 and a significant miss vs +10 expected (and +14 prior).

  • Very roughly speaking, the -9 reading has historically been equivalent to about 50.0 on the ISM.

Source: Richmond Fed, ISM, MNI

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As if today's PMI and home sales weren't bad enough, some attention being paid to the weak May Richmond Fed index: -9 was the worst reading since May 2020 and a significant miss vs +10 expected (and +14 prior).

  • Very roughly speaking, the -9 reading has historically been equivalent to about 50.0 on the ISM.

Source: Richmond Fed, ISM, MNI