Manufacturing Grew in March

Federal Reserve Bank of Richmond (03/23/21)

Mid-Atlantic manufacturing activity expanded in March, according to the Federal Reserve Bank of Richmond. The composite index rose from 14 in February to 17 in March, driven by a sharp increase in the shipments index while the other two components—new orders and employment—held steady. Survey respondents were optimistic that conditions would continue to improve in the coming months.

Survey results suggested that manufacturers increased employment and wages in March. However, finding workers with the necessary skills remained difficult. Survey participants expected these trends to continue in the next six months.

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