The regional manufacturing reports are not having a good go of it this month. The Richmond Fed Region took a huge dive from +10 to -11. New orders lead the collapse, down a whopping 35 points to -20. The Empire State and Philly Fed reports were also weak.

Richmond Fed Synopsis

Disastrous Numbers

• Index Down 21 points to-10
• Shipments down 21 points to -14
• New orders down 35 to -20
• Order Backlog down 22 points to -1
• Capacity utilization down 22 points to -19
• Wages Up 7 points to +21
• Finished goods inventories up 9 points to+21
• Raw materials inventories up 4 points to +27

Inventories up, employment up, wages up. Shipments and new orders plunged. What a disaster, and it's not just this regional report.

Disastrous Manufacturing August

• August 15: Empire State Manufacturing Index Dips 5 Points to -4.2
• August 18: Peeking Under the Hood of the Philly Fed Manufacturing Positive Headline
• August 23: Richmond Fed Manufacturing Disaster: Activity, New Orders, Shipments Plunge This Report