HUGE MISS: RICHMOND FED MANUFACTURING INDEX PLUNGES TO -11 (Est. +9)!!! Biggest Miss In 7 Years As New Orders Collapse – Richmond Fed Shows Mammoth Fall In Retail Sales Index!!!

Reinman_MT ‏@reinman_mt 2 min
Remember: economic data is volatile when it misses. When it beats, it’s solid evidence of a strengthening economy.
HUGE MISS: RICHMOND FED MANUFACTURING INDEX PLUNGES TO -11 (Est. +9)
The Richmond Fed’s latest manufacturing report is out.
The headline index unexpectedly plunged to -11 in July from 8 in June.
Economists predicted the index would rise to 9.
Below is a summary of the data from the release:
Manufacturing activity in the central Atlantic region declined in July, according to the most recent survey by the Federal Reserve Bank of Richmond.* Shipments, new orders, backlogs, and capacity utilization fell this month. Vendor leadtime remained virtually unchanged, while finished goods inventories rose more quickly. On the employment front, hiring and the average workweek flattened. Average wages rose more slowly than in June.
http://www.businessinsider.com/richmond-fed-manufacturing-july-2013-7
Richmond Fed shows mammoth fall in retail sales index
The Richmond Fed index is out, and it’s a big miss.

The headline number came in at -11, vs expectations of +7.
What’s really ugly? The retail sales component.
From the report:

Retail sales contracted this month, leaving the index at ?22, twenty-three points below last month’s reading. Sales of big-ticket items declined slightly, while shopper traffic dwindled. The index for big-ticket sales slipped to ?5, a point lower than the June reading, while the index for shopper traffic tumbled twenty-two points to ?16. Inventories declined more slowly than last month, with that index settling at ?12 compared to ?22. Retailers were doubtful about sales in the next six months; the expectations index dropped to ?29 from June’s reading of 11.
Retailers reduced their number of employees this month. The index fell twelve points lower to end at ?14. Average retail wages were little changed, however. That index ended the survey period at 1, compared to the June reading of 4.
Read more: http://www.businessinsider.com/mammoth-fall-in-retail-sales-2013-7#ixzz2ZscOhufI
Richmond Fed Prints Biggest Miss In 7 Years As New Orders Collapse



http://www.zerohedge.com/news/2013-07-23/richmond-fed-prints-biggest-miss-7-years-new-orders-collapse
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