Earlier today, the Richmond Fed manufacturing survey for July was released: Manufacturing Sector Activity Expanded; Shipments Grew Mildly, Hiring Picked Up
Overall, manufacturing conditions strengthened. The composite index for manufacturing moved up to a reading of 7 following last month’s reading of 4. The index for shipments gained one point, ending at 3. New orders grew at the same pace as a month ago, with that index finishing at a reading of 5. …
Manufacturing employment strengthened this month, with the index gaining nine points to finish at 13. The average workweek grew at a slower pace this month; moving that gauge down two points to end at 3. Average wages advanced compared to a month ago, ending at 16.
This is the 3rd regional survey released for July (NY and Philly were released last week) and all three surveys were strong this month.
Wednesday:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• During the day: The AIA’s Architecture Billings Index for June (a leading indicator for commercial real estate).