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Economy

Richmond Fed Data Signals Ongoing Broader Weakness

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By Jon C. Ogg Published
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The market is getting to digest some additional manufacturing data this morning, with the latest installment of economic weakness coming out of the Richmond Federal Reserve. The manufacturing index fell to -17 in July, versus only -1 in June. The services revenue also was down sharply at -11 for July, versus a positive 11 reading from June. Bad news continues on the retail front as the July data came down to -18, versus a positive reading of 3 in June. The shipments component was the worst component here at -23 in July, versus a flat reading of zero in June.

As far as how this overall -17 reading in July compared to estimates, Bloomberg was calling for a reading of 0.0. Again, how can the economists be expecting improvements at this point?

Today’s data is just one more weak regional report that supports weaker data on the broader economy. We will be paying close attention to broader PMI, confidence, and other reports in the coming days and weeks. Based on the news that has been coming out of economic reports and from corporate guidance, we cannot help but question when economists are looking for stability or even improvement at this point.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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