Stat of the Day: Richmond Fed Manufacturing at 3 Year Highs
Just about all activity was better then in June. Orders grew as the fastest rate since March 2004. This should all lead to a much better ISM Manufacturing Index. The Chicago PMI to be reported on Friday is expected to jump to 43 from a 39.9 reading last month. The Richmond report helps support that increase and even though it's still expected to be negative its a huge improvement over June.
Looking at the chart of the Richmond Manufacturing Activity it shows what looks like a huge V. And some people still think we won't see a v shaped recovery. Just makes me wonder what charts they are looking at.