US November Richmond Fed composite manufacturing index -5 vs 3 estimate

<ul><li>Prior month 3</li><li>Richmond Fed composite manufacturing index -5 vs. 3 estimate</li><li>New orders -5 vs -4 last month</li><li>Services index 1 versus -11 last month</li><li>Shipments -8 versus +9 last month</li><li>Employment 0 versus +7 last month</li><li>Wages 25 versus +29 last month</li><li>Availability of skills needed 6 versus -1 last month</li><li>Prices paid 3.08 versus +3.02 last month</li><li>Prices received 1.97 versus +2.07 last month.</li><li>Backlog of orders -23 versus -17 last month</li><li>Capacity utilization -5 versus -6 last month</li><li>Vendor lead time -4 versus -12 last month</li><li>Local business conditions -14 versus -9 last month</li><li>Finish good inventories 23 versus 23 last month</li><li>Raw material inventory is 18 versus 23 last month</li><li>Equipment and software spending -4 versus -2 last month</li><li>Services expenditures 0 versus -13 last month was equipment</li></ul><p>Expectations components:</p><ul><li>shipments -1 versus a 12 last month.</li><li>New orders 6 versus 6 last month.</li><li>Employees 16 versus 15 last month. </li><li>Wages 50 versus 46 last month.</li><li>Availability of skills needed 11 versus 4 last month.</li><li>Prices paid 2.91 versus 3.45 last month.</li><li>Prices received 2.07 versus 2.08 last month.</li><li>Backlog of orders -16 versus -13 last month.</li><li>Capacity utilization 12 versus 8 last month.</li><li>Vendor lead time -12 versus -13 last month.</li><li>Capital expenditures 10 versus 1 last month.</li><li>Finish good inventories 10 versus 7 last month.. </li><li>Raw material inventory is 12 versus 11 last month.</li><li>Equipment and software spending 9 verse 6 last month.</li><li>Services expenditures -7 versus -10 last month.</li></ul><p>In October the index improved to back above the 0 line, but as dipped back into negative territory. Employment and softening prices paid are steady but prices received is lower. New orders remain steady but negative. Shipments moved into negative territory from positive territory last month.</p><p>For the full report <a href="https://www.richmondfed.org/-/media/RichmondFedOrg/region_communities/regional_data_analysis/regional_economy/surveys_of_business_conditions/manufacturing/2023/pdf/mfg_11_28_23.pdf" target="_blank" rel="nofollow">CLICK HERE</a></p>

This article was written by Greg Michalowski at www.forexlive.com.