Phew: Richmond Fed Beats Expectations

The number: And the number is 11, which is better than expectations. Yet that’s still a dip from last month.

Here’s the chart:

chart

Background: After last week’s punk Philly Fed number, suddenly these regional Fed surveys have become important to folks. Analysts are expecting a reading of 8. In July, the broad manufacturing index came in at 16, which was down from 23 in June.

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