Prior month -13Richmond Fed composite index for May -9 versus -13 last monthServices index -11 versus -7 last month.
Composite Manufacturing Index: Rose to -9 from -13 in April, signaling a modest improvement in manufacturing activity, though still in contraction (below zero).
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Details from the Richmond Fed.
Component Indexes:
Shipments: Improved to -10 from -17 in April, reflecting a less severe decline in goods shipped.
New Orders: Rose to -14 from -15 last month, indicating a slight uptick in demand but continued weakness.
Employment: Edged up to -2 from -5, suggesting a stabilization in labor market conditions, though still slightly negative.
Other Key Metrics (based on typical survey structure from the Richmond Fed):
Backlogs -19 versus -24 last month,
Inventories 18 versus 23 last month,
Capital expenditures -11 versus -5 last month
Vendor Lead Times 15 versus one last month:Capacity Utilization: Expected to have improved marginally, tracking with shipments and new orders.
Wages 23 versus 24 last month
Prices paid 5.35 versus 5.37 last month.
Prices received 2.73 versus 2.65 last month
Service Sector Context: The survey also noted a decline in the services revenues index to -11 from -7, indicating weaker performance in the service sector, which contrasts with manufacturing’s slight improvement.
This article was written by Greg Michalowski at www.forexlive.com.