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The latest release of the Richmond Fed’s index saw the composite reading rise by 12 points to 13 rather than the modest single-point increase that was expected.
The one-month swing in the composite index was on the large side relative to the report’s history.
Given the large increase, breadth in this month’s report was strong across categories, with a majority of categories seeing significant month-over-month increases. Expectations, however, were generally more dour.