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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
DATA REACT
The Richmond Fed's August reading of 9 was well below expectations (24) and a sharp drop from July's reading (27). Apart from the pandemic, that 18 point drop (27 to 9) from July to August was the biggest one-month fall) in the Richmond survey since 1996.
- All three component indices (shipments, new order, and employment) remained positive but decreased in August. Notably, the wage index hit a record high amid continued labor shortages.
- The Richmond Fed index is not a major data point in isolation, but it adds to a growing list of August survey readings that have disappointed vs expectations (eg UMichigan Survey, Empire State, Philly Fed).
- The sharp drop-off is partly of reflection of very strong early summer conditions, and the reading still suggests expansion. But the addition of yet another survey-based indication of economic slowdown in mid-Q3 (just as the Delta COVID variant has become a major concern for US confidence).
Source: Richmond Fed
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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