Tuesday, July 24, 2018

Richmond Fed: "Fifth District Manufacturing Firms Saw Slowing Growth in July"

by Bill McBride on 7/24/2018 10:02:00 AM

From the Richmond Fed: Fifth District Manufacturing Firms Saw Slowing Growth in July

Fifth District manufacturing expanded at a slower pace in July, according to results of the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from 21 in June to 20 in July, but it remained in solid expansionary territory. This decrease resulted from a decrease in the employment and shipments indexes, as the other component (new orders) held steady. Firms were optimistic in July, expecting to see robust growth across most indicators in the coming months.

Manufacturing employment growth slowed in July, as the employment index fell from 23 in June to 22 in July. Firms continued to struggle to find workers with the skills they needed and expect this struggle to continue in the next six months.
emphasis added
All of the regional manufacturing reports for July have been solid so far.