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Fifth District Survey of Manufacturing Activity

June 25, 2019 10 a.m.

Fifth District Manufacturing Changed Little in June

Overview

Fifth District manufacturing activity changed little in June, according to the most recent survey from the Richmond Fed. The composite index dropped slightly from 5 in May to 3 in June, resulting from a drop in the employment index, while the other two components, shipments and new orders rose slightly. Most firms reported some improvement in local business conditions, and they were optimistic that they would see growth in the next six months.

Survey results suggested that the employment and average workweek indexes were fairly flat in June. Meanwhile, wage growth reportedly continued and firms still struggled to find workers with the necessary skills. Respondents expected this struggle to continue, but anticipated growth in employment and wages in the coming months.

The growth rate of prices paid fell in June, while the growth rate of prices received increased, causing prices received to outpace prices paid for the first time since May 2017. Firms expected to see continued growth in both prices paid and prices received in the near future.

Charts

Manufacturing Activity
Manufacturing Employment
Manufacturing Wages
Manufacturing Price Trends
Manufacturing Shipments
Manufacturing New Orders
Vendor Lead Time

Index Table

Manufacturing Business Activity Indexes

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Regional Survey Team (804) 697-8702