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Fifth District Survey of Manufacturing Activity

June 28, 2022

Incorrect data were initially reported on June 28 for the monthly Fifth District business surveys, because of an error related to the discontinuation of the average workweek index. The data on the website was corrected and is now accurate.

Many Fifth District manufacturing firms reported another decline in activity in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from −9 in May to −11 in June, as two of its three component indexes dropped further into negative territory. The indexes for shipments and volume of new orders declined from −14 and −16 in May to −15 and −26 in June, respectively. The third component, the employment index, rose to 16 from 8 in May.

The wage index also remained elevated, despite a minor downward shift, indicating that a large share of firms continues to report increasing wages. Additionally, the local business conditions index continued to slide in June, falling to −28. Firms are also less optimistic about conditions in the next six months as the expectations index decreased to −26 in June from −13 in May.

On a positive note, there was some indication of supply chain relief as the index for vendor lead time decreased in June from record highs earlier in the year. In addition, all three spending indexes decreased in June.

The average growth rate of prices paid decreased somewhat in June. However, firms reported higher average growth in prices received in June.

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