Richmond Manufacturing Index For October 3 Vs 3 Est.; 5 Prior
Portfolio Pulse from Benzinga Newsdesk
The Richmond Manufacturing Index for October came in at 3, matching the estimated figure but lower than the previous month's reading of 5.
October 24, 2023 | 2:01 pm
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NEUTRAL IMPACT
The Richmond Manufacturing Index, which is at par with estimates but lower than the previous month, may have a neutral to slightly negative impact on SPY as it indicates a slowdown in manufacturing activity.
The Richmond Manufacturing Index is a measure of manufacturing health in the Fifth Federal Reserve District. A lower than previous reading indicates a slowdown in manufacturing, which can impact the broader market and ETFs like SPY. However, as the reading is in line with estimates, the impact may be neutral to slightly negative.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50