Factories See Moderate Growth: Richmond Fed

Manufacturing activity in the central Atlantic region expanded for the sixth consecutive month in July, but at a more moderate pace, according to the Federal Reserve Bank of Richmond’s monthly business activity survey.

“Employment continued to grow at a modest rate, while shipments and new orders grew at a rate below June’s pace,” the survey reported.

“Most other indicators also suggested slower growth. Backlogs eased and capacity utilization continued to grow more slowly.”

The manufacturing index decreased to 16 in July from 23 in June, shipments slipped to 22 from 31, and the index that tracks the future outlook for shipments fell to 30 from 40.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER