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Richmond FED's manufacturing index strengthened in July. The composite index rose to 13 in July from 7 in June.
Input prices are pointing to strengthening price pressure.
- Prices of raw materials rose more quickly this month, advancing at an annualized 1.45 percent rate, compared to a 0.97 percent pace previously.
- Prices of finished goods rose at a 0.58 annualized rate, slightly below June's 0.59 percent pace.
- Moreover, for the six months ahead, survey participants expected input prices would continue to grow at the current pace, following June's expectation for 1.47 percent growth.
- Finished goods prices were expected to rise at an annualized 1.03 percent rate, compared to the previous outlook for 0.92 percent growth.
After Yesterday's Dallas FED survey, today's Richmond FED survey clearly shows manufacturing is once again gaining ground after contraction in first quarter of the year.
- Index for shipments rose to 16 in July from 5 in June and new orders rose to 17 from 10 in June.
With manufacturing bouncing back strongly enough, FED is clearly on its path to hike rates for first time since 2006.
