Richmond Fed manufacturing index for June -7 versus -10 estimate

• Prior month -9
• Richmond Fed composite index for June -7 versus -10 estimate
• Services index -4 versus -11 last month
• Shipments -3 versus -10 last month

Details from the Richmond Fed report:

• Composite manufacturing index rose slightly to -7 in June from -9 in May, still in negative territory.

• Shipments index improved to -3 and new orders rose to -12.

• Employment index declined to -5 from -2.

• Local business conditions index remained negative but improved from -25 to -20.

• Future local business conditions deteriorated to -11 from -6.

• Future shipments index increased from 2 to 4.

• Future new orders index rose from -3 to 5.

• Vendor lead time index increased to 16.

• Backlog of orders index declined slightly from -19 to -20.

• Prices paid and received growth rates rose in June.

• Firms expect prices paid growth to moderate and prices received growth to increase over the next 12 months.

From the services index which improved but remained negative.

Details showed:

• Service sector activity remained soft in June.

• Revenues index improved from -11 to -4.

• Demand index edged up from -8 to -7.

• Future revenues and demand indexes rose to 20 and 13, respectively.

• Local business conditions index increased from -18 to -16.

• Future local business conditions improved from -18 to -11, but stayed negative.

• Current employment index rose from 0 to 3.

• Future employment index increased from 11 to 14.

• Wages index declined slightly to 19, but firms still expect to raise wages over the next six months.

• Prices paid and received growth edged higher in June.

• Firms expect little change in price growth over the next 12 months.

Overall, both manufacturing and services improved but remained in negative territory.

This article was written by Greg Michalowski at www.forexlive.com.