Econoday was expecting a reading of +5.

Richmond Fed Release:

http://www.richmondfed.org/research/regi....

Richmond Fed PDF Version:

http://www.richmondfed.org/research/regi....

Oops.

Less dramatic than the Philadelphia Fed Survey, but, nevertheless, Richmond's Current Conditions echo much of what we saw last week:

Richmond:



Philadelphia:

Summary of Returns
June 2012

                     June vs. May                  Six Months from now
                                                   vs. June

               Prev.                         Prev.
               Diff.  Inc. No ch. Dec. Diff. Diff.  Inc. No ch. Dec. Diff.
               Index                   Index Index                   Index

General Busines  -5.8  21.9  39.5  38.5 -16.6  15.0  33.9  47.0  14.3  19.5
Conditions

New Orders       -1.2  21.4  35.2  40.2 -18.8  26.3  45.5  41.9   7.3  38.2

Shipments         3.5  23.2  37.0  39.8 -16.6  20.8  46.8  39.3   8.8  38.0

Unfilled Orders  -9.4  10.2  63.3  26.5 -16.3   5.9  15.8  62.2  13.3   2.5

Delivery Times  -14.0   3.1  78.2  18.7 -15.5  -4.3   2.7  81.5  10.0  -7.3

Inventories       4.5  17.6  51.3  26.3  -8.7 -10.8  18.7  48.3  30.6 -12.0

Prices Paid       5.0  12.7  70.9  15.5  -2.8  37.8  28.7  58.1   8.6  20.1

Prices Received  -4.5  10.2  70.8  17.1  -6.9   7.7  23.3  61.3   9.8  13.5

Number of Emp.   -1.3  13.6  71.5  11.8   1.8  10.6  26.3  57.8   7.6  18.7

Avg. Emp. Wrkwk  -5.4   8.8  63.4  27.9 -19.1  -1.1  16.2  62.0  17.0  -0.8

Capital Ex.      --    --    --    --    --     5.3  30.0  56.8  10.5  19.4


Notes: (1) Items may not add to 100 percent because of omission by respondents.
       (2) All data are seasonally adjusted.
       (3) Diffusion indexes represent the percentage of respondents indicating
           an increase minus the percentage indicating a decrease.
       (4) Survey data reflect information received through June 18, 2012.