The Richmond Fed Manufacturing Survey provides one the initial looks into economic data for July and so far it looks very promising. The survey showed a big jump to 14 from 6 and continues the trend of growth in this district. Unfortunately Richmond isn't as important as the Chicago or Empire indexes, but the trend is the key.
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.