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Federal Reserve Bank of Richmond

Fifth District Survey of Manufacturing Activity

July 27, 2021

Fifth District manufacturing activity strengthened in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index inched up from 26 in June to 27 in July, buoyed by increases in the shipments and employment indexes, while the third component index — new orders — declined but remained in expansionary territory. The indexes for inventories of raw materials and of finished goods declined, as both of these indexes hit record lows, and vendor lead times continued to lengthen. Manufacturers were optimistic that business conditions would improve further in the coming months.

Survey results indicated that many firms increased employment and wages in July, but they struggled to find workers with the necessary skills. Survey respondents expected these trends to continue in the next six months.

The average growth rates of both prices paid and prices received by survey participants increased in July, as growth of prices paid continued to outpace that of prices received. Respondents expected price growth to slow over the next year.

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Past Reports

June 22, 2021
Manufacturing Activity Expanded in June
May 25, 2021
Manufacturing Activity Strengthened in May
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