The Richmond Fed's January manufacturing survey recorded its highest reading in almost a year and a half on Tuesday.
Why it matters: The survey is considered a potential leading indicator of overall manufacturing because it is released close to month-end and may offer clues on national manufacturing readings like those from ISM and IHS Markit.
The big picture: Each of the Fed's regional manufacturing indexes has beaten expectations this month, suggesting a rebound in the sector may be coming after a very difficult 2019, as experts have predicted.
Go deeper: Manufacturing should bounce back in 2020