Manufacturing in Richmond Fed Region Unexpectedly Contracts
This article is for subscribers only.
Manufacturing in the region covered by the Federal Reserve Bank of Richmond unexpectedly shrank in July as sales and orders weakened.
The central bank’s fifth district factory index, which covers North Carolina, South Carolina, the District of Columbia, Maryland, Virginia and most of West Virginia, fell to minus 11 this month from a revised 7 in June. The median forecast of 10 economists surveyed by Bloomberg projected the index would improve to 9. Measures lower than zero signal contraction.