“Manufacturing activity in the central Atlantic region contracted again in July,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond. In addition, there was a sharp drop-off in sentiment about future prospects.
The manufacturing index declined to negative 16 in July from negative 12 in June, and shipments slipped to negative 23 from negative 11, the Fed reported. Volume of new orders dipped to negative 17 from negative 13, while the backlog of orders index widened to negative 22 from negative 21.
As for the outlook six months from now, the shipments index was negative 4, off from the positive 14 posted last month, while the volume of new orders index fell to negative 1 from positive 11, and backlog of orders recovered to negative 4 from negative 7.
