Richmond Fed: Composite manufacturing index rose from 1 in May to 7 in June

Eren Sengezer FXStreet

"The composite manufacturing index rose from 1 in May to 7 in June, as the indexes for shipments and new orders increased," announced the Federal Reserve Bank of Richmond.

Key highlights:

The employment index was relatively flat. Most firms continued to report steady or higher wages; although the index for wages did fall in June, it remained above 0
More firms reported a decline in the average workweek than reported an increase
Looking six months ahead, manufacturing executives were more optimistic in June than in May
Survey responses pointed toward more moderate growth in both prices paid, and prices received

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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