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Richmond Fed Region Unexpectedly Bad; New Orders, Backlogs, Workweek Plunge
by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis
The already bleak manufacturing reports took another step for the worse today as evidenced by the Fifth District Survey of Manufacturing Activity by the Richmond Fed.
[...] Volume of new orders, backlog of new orders, capacity utilization, and average workweek have crashed making the report details far worse than the headline reading.
Nonetheless, manufacturers remain optimistic.
“Producers anticipated positive business conditions for the six months ahead. They continued to expect steady growth in shipments and in the volume of new orders. The indexes for expected shipments and new orders strengthened to readings of 48 and 42, respectively.”
It’s been amusing watching the look ahead projections in these reports. They have been consistently wrong for months on end.
Continue Reading at GlobalEconomicAnalysis.Blogspot.ca…
Source: http://financialsurvivalnetwork.com/2015/09/richmond-fed-region-unexpectedly-bad-new-orders-backlogs-workweek-plunge/?utm_source=rss&utm_medium=rss&utm_campaign=richmond-fed-region-unexpectedly-bad-new-orders-backlogs-workweek-plunge
