Highlights
Richmond is the fourth regional report to show slowing underway in manufacturing orders. The Richmond Fed's new orders index slowed by 10 points to 11, still over zero to indicate a monthly increase but significantly less of an increase than February. But the slowing in news orders isn't yet slowing the build in backlog where the index is unchanged at four. Clear disappointments in the report are a significant slowing in monthly growth for shipments and a tangible slowing in employment growth. Slowing orders and the slowdown in shipments are not positive signals for future employment.

The headline index, at seven vs February's 20, underscores the monthly softening. Price indications show moderate pressure for raw material costs and moderate pricing power for finished goods.

Results in today's report are very similar to results in yesterday's report from the Dallas Fed and mid-month results from the New York and Philadelphia Feds. The manufacturing sector has gotten off to an uneven start this year with some indications positive and others, especially January durable goods data, strikingly negative. Durable goods orders for February will be tomorrow's highlight for the calendar.

Market Consensus before announcement
The Richmond Fed manufacturing index in February rose a very sizable eight points to 20. New orders jumped 7 points to 21. Backlog orders, shipments, employment, and the workweek all showed solid monthly acceleration in the Richmond district.

2012 Release Schedule

Released On: 1/24 2/28 3/27 4/24 5/22 6/26 7/24 8/28 9/25 10/23 11/27 12/26 Release For: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec