Research >> Economics
Richmond Fed's Current Activity Index rose 6 points to a reading of 7
Reports from Fifth District manufacturers improved in June, according to the latest survey by the Federal Reserve Bank of Richmond. The composite manufacturing index rose from 1 in May to 7 in June, as the indexes for shipments and new orders increased. The employment index was relatively flat. Most firms continued to report steady or higher wages; although the index for wages did fall in June, it remained above 0. Meanwhile, more firms reported a decline in the average workweek than reported an increase.
Looking six months ahead, manufacturing executives were more optimistic in June than in May, although even the May readings were very positive. Among the indexes for expected activity, only two fell: the capital expenditures index declined from 34 in May to 26 in June and the expected shipments metric inched down from 39 to 38.
Survey responses pointed toward more moderate growth in both prices paid and prices received. Expected growth in prices received also moderated, although expected growth in prices paid picked up somewhat.
Posted: June 27, 2017 Tuesday 10:00 AM