Richmond Fed Tumbles Into Contraction, Confirms Regional Fed Survey Slump
Confirming the pessimistic plunges in Kansas City and Philadelphia, The Richmond Fed’s Manufacturing Survey disappointed, tumbling to -5 from -1 last month (and expectations of a bounce to +1).
Source: Bloomberg
Under the hood was more worrisome:
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Shipments fell to -6 after -2 the prior month
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New order volume slowed to -13 after -3 the prior month
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Order backlogs were unchanged at -11 after -11 the prior month
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Capacity utilization slowed to -12 after 2 the prior month
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Inventory levels of finished goods increased to 22 after 15 last month
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Inventory levels of raw goods rose to 21 after 20 last month
So, inventories up, new orders and shipments tumbling?! Doesn’t sound like a renaissance in America to us.
And the average workweek crashed to its worst since April 2009…
Source: Bloomberg
Of course, as long as the PMIs are rebounding no one will pay attention to this… yet
Tyler Durden
Tue, 12/24/2019 – 10:06
via ZeroHedge News https://ift.tt/37ae7JV Tyler Durden