The Richmond Fed s manufacturing conditions survey showed little improvement in May. Contraction in factory activity is still persistent though expectations six months hence were higher. In the service sector conditions survey, revenue grew and retail sales inched up though a big drop in big-ticket sales.
The manufacturing survey index was down to -10 from -11 between April and May. Shipments index gained 8 points to -7 while the new orders pulled back two points to -13. Job index dropped three points to -9 while the wages index jumped eight points to 11. Average workweek also improved five points to -9.
Raw material prices increase at an average annual rate of 2.62% in May, up from 2.23% in April. Finished goods rose at a 1.5%,AR from 0.94%, AR in April. Respondents expected prices paid to rise in the next six months and prices received to slow.
Revenue growth bounced back at a better pace in May, up to 7 from 5 in April. Retail sales rose a point to 0. Revenue for non-retail services was up four points at 12. Services prices rose to an annual rate of 0.98% vs. 0.88%, AR in April while retail prices dropped. Respondents expected a rise in all prices in the next six months.
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