U.S. Richmond Fed manufacturing index dipped 2 points to back to 3 in June
U.S. Richmond Fed manufacturing index dipped 2 points to back to 3 in June following the 2 point gain to 5 in May. The index has bounced back modestly from the weakness over the turn of the year, though it is well below the 21 registered last June. It was as high as 29 in September. Weakness was broadbased. The employment component dove to 2 versus 17, with wages at 21 from 38 and the workweek at -2 from 1. New order volume inched up to1 from unchanged. The order backlog rose to unchanged from -4. Prices paid slid to a 1.58% versus 2.21%, with prices received at 1.68% from 1.53%. The 6-month shipment index fell to 24 from 27. The future employment gauge dropped to 11 from 24, with new order volume at 29 from 30, and prices paid at 2.38% from 2.47%, with prices received at 186% from 1.60%. Capex was 25 from 36.