“Fifth District manufacturing continued to expand in June, according to results of the most recent survey from the Richmond Fed,” the Federal Reserve Bank of Richmond reported on Tuesday.
Key takeaways from the official publication
- The composite manufacturing index rose from 16 in May to 20 in June, buoyed by an increase in all three components (shipments, new orders, and employment).
- Respondents were optimistic in June, expecting growth to continue across most indicators.
- While survey results suggest a rise in employment in June, firms continued to struggle to find employees with the skills they needed, as this indicator fell from −3 in May to −14 in June, indicating further contraction.
- On balance, manufacturers reported that price increases accelerated in June.
- However, firms expect growth in both prices paid and prices received to slow in the next six months.
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