U.S. Richmond Fed manufacturing index fell 6 points to 10 in March
U.S. Richmond Fed manufacturing index fell 6 points to 10 in March after surging 18 points to 16 in February. The index had been tumbling after hitting a record peak of 29 in September (data goes back to 1993), and this corrects a bit from the big February gain. The -8 from December was the lowest since the same print in June 2016. Components were mixed. The employment index rose to 23 from 15, with wages rising to 33 from 29, while the workweek fell to 5 from 17. New order volume slumped to 9 from 19. Prices paid rose at a 2.84% rate from 3.03%, with prices received at 2.07% from 2.06%. The 6-month shipment index improved to 40 from 32. The future employment gauge was 13 from 15, with new order volume at 36 from 30, while prices paid were 2.10% from 2.17%, and prices received at 1.76% from 1.81%. Despite the headline monthly drop, this is a pretty decent report overall.