“Manufacturers in the Fifth District were somewhat less upbeat in May than in the prior three months,” said the Federal Reserve Bank of Richmond on Tuesday.
“The index for shipments and the index for new orders decreased notably, with the shipments index falling to slightly below 0.”
“The index for employment was relatively flat, but the decline in the other two indexes resulted in a decline in the composite index from 20 in April to 1 in May. The majority of firms continued to report higher wages, but more firms reported a decline in the average workweek than reported an increase.”
“Looking six months ahead, manufacturing executives remained generally optimistic, although the only index to increase was expected capital expenditures.”
“Survey respondents reported that growth in both prices paid and prices received moderated somewhat.”