Today, the Federal Reserve Bank of Richmond released their Survey of Manufacturing Activity for July showing that the composite index, the broadest measure of manufacturing activity, fell 4 points to a weak level of -1.The most notable component measures also showed similar poor results with the new orders dropping 5 points to -5, shipments remaining at -1 and backlog of orders declined 7 points to -18.
The following chart plots the composite index with the red line marking a level of 0, or the threshold between increasing and declining activity.
