U.S. January Richmond Fed manufacturing index slumped 6 points to 14
U.S. January Richmond Fed manufacturing index slumped 6 points to 14 after falling 10 points to 20 in December. The 30 level reached in November was a record high (data goes back to 1993), with the 2017 low coming in at 3 in May. The employment component was halved to 10 from 20, with the workweek at sliding to 2 from 8, while wages rose to 24 from 22. New orders volume was steady at 16, though was at 35 in December. Prices paid grew at a 1.79% rate, the same as December but is down from November's 2.04%, while prices received rose at a 1.18% pace versus 1.27% previously. The 6-month shipment index edged up to 45 from 44. The future employment gauge fell to 21 from 26, with wages at 33 from 44 and capital expenditures at 30 versus 35. The forward prices paid index grew at a 2.33% from 2.10%, though prices received slowed to 1.58% versus 2.02%.