Manufacturing Activity Improves in May

Federal Reserve Bank of Richmond (05/25/21)

Mid-Atlantic manufacturing activity strengthened in May, according to the Federal Reserve Bank of Richmond. The composite index inched up from 17 in April to 18 in May, as all three component indexes—shipments, new orders, and employment—reflected growth. Overall, manufacturers reported improved business conditions.

Many firms increased employment and wages in May. However, they struggled to find workers with the necessary skills, as this index dropped to its lowest value on record. Survey respondents expected workers to remain difficult to find and employment and wages to increase further in the next six months.

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