Regional Fed manufacturing surveys. Leading indicators for ISM two weeks later.
What to watch: Empire State; Philadelphia; Richmond; Dallas; Kansas City. It arrives monthly, and the effect typically lasts days.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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Also in Growth and activity
- GDP and recession risk
- ISM manufacturing PMI
- ISM services PMI
- S&P Global flash PMIs
- Industrial production and capacity utilisation
- Durable goods and core capital goods orders
- Leading Economic Index
- Productivity and unit labour costs
- Trucking tonnage and freight indices
- Port container volumes and rail carloads