Richmond Fed Data Way Lower Than Expectations, Big Drop From August

Richmond Fed Manufacturing Activity 928

Richmond Fed data showed a slowdown in the Central-Atlantic coming in a negative 2.

August’s reading was a positive 11.

Expectations were for a positive 6.

From the release (emphasis ours):

Manufacturing activity in the central Atlantic region pulled back in September after expanding during the previous seven months, according to the Richmond Fed’s latest survey. The index of overall activity was pushed lower as shipments and employment edged into negative territory. Other indicators also suggested softer activity. District contacts reported that the volume of new orders flattened, order backlogs turned negative, and delivery times held steady. Furthermore, manufacturers reported growth in capacity utilization flat lined, while inventories grew at a slightly quicker pace.

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