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UPDATE:Manufacturing activity in the mid-Atlantic declined at a sharper than anticipated rate, new data out of the Federal Reserve Bank of Richmond shows.
The headline manufacturing index fell to -17 from -3 a month earlier. Economists polled by Bloomberg had forecast an improvement to -1.
A reading below zero indicates contraction.
Both new orders and shipments fell deep into negative territory this July, hitting -25 and -23, respectively.
Employment and wages were the only sub-indices to remain in positive territory. Nonetheless, the number of employees index fell to 1.
“Looking ahead, manufacturer’s optimism regarding future business prospects dropped considerably in July,” the Fed said in a statement. “An increasing number of firms anticipated slower growth across the board with the exception of capital expenditures, which grew at a pace slightly above June’s rate.”
Below, key output from the report.
The Federal Reserve Bank of Richmond will release a key gauge of manufacturing activity in the mid-Atlantic and South East, with expectations for the index to register some improvement from last month’s steep decline.
Economists polled by Bloomberg forecast the key business activity index will advance to -1 in July, from -3 a month earlier.
A reading below zero indicates economic contraction.
The fifth federal district includes Virginia, Maryland, the Carolinas, the District of Columbia, and parts of West Virginia.
The announcement is scheduled for 10:00 a.m.
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