Richmond Fed Manufacturing: Strength in May
Fifth District manufacturing activity showed continued growth in May, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index rose to 18 from 17 in April and 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 an excerpt from the latest Richmond Fed manufacturing overview:
Fifth District manufacturing activity strengthened in May, according to the most recent survey from the Richmond Fed. The composite index inched up from 17 in April to 18 in May, as all three component indexes—shipments, new orders, and employment—reflected growth. A majority of firms reported lengthening vendor lead times, as this index reached a record high, along with the backlog of orders index. Meanwhile, the index for raw materials inventories reached a record low. Overall, manufacturers reported improved business conditions. 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).