Richmond Fed composite index for February higher at 6 versus -4 last month

• Prior month -4
• Richmond Fed composite index rise to 6 from -4 last month. Best level since April 2022
• Service index 11 vs 4 last mont
• Manufacturing shipments 12 vs -9 last month
• Prices paid 2.23 versus 2.37 last month
• Prices received 1.62 versus 1.21 last month
• Employment 9 versus 3 last month

Activity improved as the composite index rose to 6 (Jan: -4), driven by a rebound in shipments (12 vs. -9). New orders reached 0, and employment increased to 9 (Jan: 3). Local business conditions stayed at -5, while future expectations dropped significantly. Vendor lead times fell, and order backlogs were steady at -6. Price growth for inputs eased, while output prices edged up, with firms expecting both to rise over the next year.

Looking at the price data, the levels were mixed with prices paid lower, but prices received higher. However, looking at the chart the levels are near the lows.

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