Richmond Fed Manufacturing: Robust Growth in May
Today the Richmond Fed Manufacturing Composite Index jumped to 16 for the month of April, up from last month's -3. Investing.com had forecast 9. Because of the highly volatile nature of this index, we include a 3-month moving average to facilitate the identification of trends, now at 9.3, which indicates expansion. The complete data series behind today's Richmond Fed manufacturing report, which dates from November 1993, is available here.
Here is a snapshot of the complete Richmond Fed Manufacturing Composite series.
Here is the latest Richmond Fed manufacturing overview.
Fifth District manufacturing firms saw robust growth in May, according to survey results from the Federal Reserve Bank of Richmond. The composite index swung from −3 in April to 16 in May, boosted by growth in the indexes for shipments, new orders, and employment. Local business conditions also moved back into expansionary territory, after weakening in April, and firms remained optimistic that growth would continue in coming months. Link to Report
Here is a somewhat closer look at the index since the turn of the century.
Is today's Richmond composite a clue of what to expect in the next PMI composite? We'll find out when the next ISM Manufacturing survey is released (below).