Richmond Fed Manufacturing Growth Expands In July 2014

Of the three regional Federal Reserve surveys released to date, all show manufacturing expanding in July 2014. A complete summary follows. The market expected this survey index at 3 to 10 (consensus 5.5) versus the 7 actual [note that values above zero represent expansion].

Summary of all Federal Reserve Districts Manufacturing:

Richmond Fed (hyperlink to reports):

 

Kansas Fed (hyperlink to reports):

 

Dallas Fed (hyperlink to reports):

 

Philly Fed (hyperlink to reports):

 

New York Fed (hyperlink to reports):

 

Federal Reserve Industrial Production - Actual Data (hyperlink to report)

Holding this and other survey's Econintersect follows accountable for their predictions, the following graph compares the hard data from Industrial Products manufacturing subindex (dark blue bar) and US Census manufacturing shipments (lighter blue bar) to the Richmond Fed Survey (dark green bar).

Comparing Surveys to Hard Data

 

 

 

 

 

 

 

 

 

 

 

In the above graphic, hard data is the long bars, and surveys are the short bars. The arrows on the left side are the key to growth or contraction.