Today the Richmond Fed Manufacturing Composite Index inched down to 20 for the month of July, down from last month's 21. had forecast 18. Because of the highly volatile nature of this index, we include a 3-month moving average to facilitate the identification of trends, now at 19.0, which 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.

Richmond Fed Manufacturing

Here is the latest Richmond Fed manufacturing overview.

Fifth District manufacturing expanded at a slower pace in July, according to results of the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from 21 in June to 20 in July, but it remained in solid expansionary territory. This decrease resulted from a decrease in the employment and shipments indexes, as the other component (new orders) held steady. Firms were optimistic in July, expecting to see robust growth across most indicators in the coming months. Link to Report

Here is a somewhat closer look at the index since the turn of the century.

since 2000

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).