Richmond Manufacturing Index For July -17 Vs -7 Est.; -10 Prior
Portfolio Pulse from Benzinga Newsdesk
The Richmond Manufacturing Index for July came in at -17, significantly below the estimated -7 and the prior -10, indicating a worsening manufacturing sector in the Richmond area.
July 23, 2024 | 1:59 pm
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NEGATIVE IMPACT
The Richmond Manufacturing Index for July fell to -17, much lower than the estimated -7 and the previous -10. This negative data could impact the broader market sentiment, potentially affecting SPY.
The Richmond Manufacturing Index is a key economic indicator. A significant drop below expectations suggests worsening economic conditions, which can negatively impact market sentiment and, consequently, SPY.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50