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Fifth District Survey of Manufacturing Activity

July 25, 2017 10 a.m.

Manufacturing Firms in the Fifth District Remained Generally Upbeat in July


Reports from Fifth District manufacturers improved some in July, according to the latest survey by the Federal Reserve Bank of Richmond. The composite index rose from 11 in June to 14 in July — the result of a slight increase in the measures of new orders and employment. The index for shipments remained at its June reading of 13. A larger share of firms reported higher wages and longer workweeks in July, as the wages index rose from 10 in June to 17 in July and the average workweek index rose from 1 to 9.

Manufacturing executives remained generally optimistic about activity six months ahead. Among the indexes for expected activity, almost every measure was well into positive territory and each increased, with the exception of the index for vendor lead time, which held steady at its June level of 7.

In terms of prices, survey respondents continued to report moderate growth in both prices paid and prices received. Meanwhile, expected growth in prices paid was slightly higher in July while expected growth in prices received was virtually unchanged.


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