Richmond Fed manufacturing index for January 8 vs 14 estimate

Richmond Fed

Richmond Fed manufacturing index for January 2021

Richmond Fed Manufacturing index for January

  • Manufacturing index 8 vs 14 estimate and 16 last month
  • shipments increase slightly to 14 in January from 12 last month
  • new orders 8 versus 17 last month
  • employment 4 versus 19 last month
  • wages 40 versus 37 last month (second-highest value on record)
  • average workweek 6versus 10 last month
  • availability skills needed -19 versus -21 last month
  • backlog of orders 2 versus 26 last month
  • capacity utilization 4versus 21 last month
  • vendor leadtime 50 versus 35 last month
  • local business conditions -4 versus -2 last month
  • capital expenditures 16 versus 14 last month
  • finish good inventories -13 versus -7 last month
  • raw materials inventories -17 versus -22 last month
  • equipment and software spending 15 versus 21 last month
  • services expenditures 2 versus 3 last month
  • prices paid 14.32 versus 13.98 last month
  • prices received for 11.27 versus 8.26 last month

Wages, and prices are certainly trending more to the upside. That is a concern going forward.

The price trends and wages

Price trends and wages remain elevated

Looking at the expectation components, there are 6 components that are higher and 11 that are lower.

Expectations components

Expectations components for the Richmond index

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