US: Richmond Fed Manufacturing Index rises to 27 in July vs. 20 expected

• Richmond Fed Manufacturing Index edged higher in July.
• US Dollar Index struggles to stage a rebound after the data.

The Federal Reserve Bank of Richmond's Manufacturing Index improved to 27 in July from 26 in June. This print beat the market expectation of 20.

Additional takeaways from the press release

"Manufacturers were optimistic that business conditions would improve further in the coming months."

"Survey results indicated that many firms increased employment and wages in July but they struggled to find workers with the necessary skills."

"Survey respondents expected these trends to continue in the next six months."

"The average growth rates of both prices paid and prices received by survey participants increased in July, as growth of prices paid continued to outpace that of prices received."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.06% on the day at 92.57.