Federal Reserve Bank of Richmond (01/26/21)

Mid-Atlantic manufacturing activity showed signs of growth in January, according to the Federal Reserve Bank of Richmond. The composite index dropped from 19 in December to 14 in January but remained in expansionary territory, as did all three of its component indexes—shipments, new orders, and employment. Overall, manufacturers were optimistic that conditions would continue to improve in the coming months.

Many manufacturers increased employment and wages in January. However, respondents struggled to find workers with the necessary skills. Firms expected this difficulty to persist but employment and wages to rise in the next six months.

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