Source: Richmond Fed
Manufacturing in the fifth district extended its expansion streak in April, but firms expect a slowdown in the next six months. QQQ is down 2.45%, while SPY is down 1.60%.
- The composite manufacturing index was recorded at 14 in April, higher than the 13 in March and 1 in February.
- The indicator for shipments jumped to 17 from 9, while capacity utilization increased to 17 from 9.
- Declines were recorded in order backlogs, vendor lead time, capital expenditures, equipment and software spending, and services expenditures.
- Indicators for local business conditions, finished goods inventories, and raw materials inventories remained in negative territory.
- The number of employees fell to 22 from 23, while the average workweek was unchanged at 18. Wages jumped to 41 from 37, while the availability of skills was at -15.
- The prices paid index grew to 11.83 from 11.05, while the prices received index fell to 8.93 from 9.16.
- The expectations index was in negative territory for the third time after the COVID-19 pandemic, indicating that firms expect conditions to deteriorate.