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US DATA: No Let Up For Particularly Weak Richmond Mfg Orders

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • The Richmond Fed manufacturing index was weaker than expected in September as it surprisingly slipped to -21 (cons -12) after -19 in Aug.
  • It set a new recent low since the Apr/Mar depths of the pandemic at levels last seen in 2008/09.
  • New orders technically improved with -23 after -26 but remain in heavy contraction territory.
  • We have previously noted the potential drag from Boeing being headquartered in Virginia and a large order cancellation in June but this continued weakness suggests it's more broad-based.
  • Prices paid increased from 2.5% to 3.4% over the past twelve months (highest since Jun) whilst prices received eased from 1.9% to 1.6% (lowest since Jul).
  • Price components are different to other regional Fed surveys, with prices shown as % changes over the past and next twelve months rather than a diffusion index. They still show a broadly similar trend to other regional Fed surveys on a relative basis, with Philadelphia continuing to stand out with its price pressures. 
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  • The Richmond Fed manufacturing index was weaker than expected in September as it surprisingly slipped to -21 (cons -12) after -19 in Aug.
  • It set a new recent low since the Apr/Mar depths of the pandemic at levels last seen in 2008/09.
  • New orders technically improved with -23 after -26 but remain in heavy contraction territory.
  • We have previously noted the potential drag from Boeing being headquartered in Virginia and a large order cancellation in June but this continued weakness suggests it's more broad-based.
  • Prices paid increased from 2.5% to 3.4% over the past twelve months (highest since Jun) whilst prices received eased from 1.9% to 1.6% (lowest since Jul).
  • Price components are different to other regional Fed surveys, with prices shown as % changes over the past and next twelve months rather than a diffusion index. They still show a broadly similar trend to other regional Fed surveys on a relative basis, with Philadelphia continuing to stand out with its price pressures.