Richmond Fed May manufacturing index 0 versus -7 prior

• Prior month -7
• Services index +3 vs -13 for last month
• Manufacturing shipments +13 vs -10 last month

Other details:

• Employment -6 versus -2 last month
• Wages +11 versus +16 last month (lowest since 2020)
• Prices paid 2.92 versus 2.79 last month
• Prices received 1.63 versus 2.73 last month
• New orders -6 versus -9 last month
• Backlog of orders -19 versus -17 last month
• Capacity utilization -7 versus -5 last month
• Capital expenditures -3 versus 0 last month
• Services expenditure -18 versus -8 last month

There are plenty of signs of disinflation in this report but the Fed is more focused on the services sector.

This article was written by Adam Button at www.forexlive.com.