By CD Media Staff | February 25, 2020

Coronavirus Impacts Manufacturing Data Release
Richmond Fed map

Now that we are well into the realization that the novel coronavirus outbreak will have a severe effect on economic activity, at least in the short term, U.S. economic data has shifted markedly to confirming that situation. The uncertainty re-injected into the financial markets by the deadly pathogen has spooked economic decision makers coming off a positive end of year confluence of events, with the signing of the trade deal, and the impeachment resolution.

Richmond Fed Manufacturing Index (Feb) horribly missed estimates with a print of -2 vs the consensus estimate of a +13. This was after a large increase in January, so this was also a reversion to the mean.

It’s almost as if the virus has shut down supply chains for American companies, which of course it has.

Housing prices increased .

Housing Price Index (MoM) (Dec) printed at 0.6% vs an estimate of 0.3%.

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S&P/Case-Shillar Home Price Index (YoY) (Dec) printed at 2.9% vs 2.8% estimate.

This piece originally appeared on CreativeDestructionMedia.com and is used by permission.

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