Time: 2:00 pm GMT, Morocco time: 3:00 hours, Egypt time: 5:00 hours, Saudi time: 6:00 hours, Emirates time: 7:00 hours
Previous: -11 Expected: -7 Actual: -15
Richmond index of manufacturing in the United States
The Richmond Manufacturing Index is an economic indicator released each month by the Richmond Federal Reserve to measure the general condition of the manufacturing sector in the Richmond area. The index is computed from a survey of business and industrial firms in the Richmond area. It asks them to rate the current state of their industrial business compared to the previous month. The index covers five states in the southeast of the United States of America: Virginia, Maryland, North Carolina, South Carolina and Delaware. When the index is greater than zero, this indicates the growth of industrial business in the region, and vice versa. This indicator is used by companies and economic analysts to measure the improvement or decline in the performance of the manufacturing sector in the southeastern United States.
The Richmond Federal Reserve also uses the index as an input for formulating appropriate monetary policy for the region.
If the Richmond Manufacturing Index came in below expectations, then this means:
Low confidence among industrial firms in the Richmond area about their business performance.
Deteriorating economic conditions in the Richmond area, and weak demand for industrial products.
A slowdown in the pace of growth or contraction in the manufacturing sector in the region over the past month.
Low economic growth opportunities in the southeastern United States.
The possibility that the Richmond central bank will adopt supportive monetary policy by lowering interest rates or increasing monetary movement.
The numbers must be studied carefully to determine whether the decline is short-lived and can be overcome or an indication of a deeper downturn in the industrial sector that may threaten economic growth.
In either case, the Federal Reserve will develop fiscal policies that support the economy.
The agency responsible for issuing the Richmond Manufacturing Index in the United States
The Richmond Federal Reserve is the official publisher of the Richmond Manufacturing Index in the United States.
The Richmond Reserve is a subsidiary of the United States Federal Reserve System. The reserve covers a geographical area that includes 5 states in the southeast of the country.
The Reserve then releases, based on the survey results, a monthly Richmond Manufacturing Index to measure the state of the manufacturing sector in its region. The reserve uses this indicator as one of the main indicators for setting its monetary policy, as it seeks to support economic activity in the event of a decline in the indicator and vice versa.
The index is also followed by economic analysts and investors as an indicator of the state of an important manufacturing sector in the US economy.
The Reserve releases index data at the end of each month.
The release date of the Richmond Manufacturing Index in the United States
The Reserve releases index data at the end of each month.
Next release
Feb 27, 2024
