With the biggest drop in New Orders since September, Richmond Fed Manufacturing survey dropped to -4 (missing expectations of +2), hovering at its weakest in over 3 years. Across the board the components were weaker with order backlogs and shipments plunging, average workweek and wages dropping, and capacity utilization worst since October. Prices (paid and received) dropped notably as future expectations for wages, workweek, and employees all fell.
Richmond Fed hovers near 3-year lows
As Shipments (and New Orders) collapse…
An ugly picture across the board…
and future expectations were just as bad – especially for employment.
via Zero Hedge http://ift.tt/1TD9M8H Tyler Durden