Federal Reserve Bank of Richmond (06/22/21)
Mid-Atlantic manufacturing activity strengthened in June, according to the Federal Reserve Bank of Richmond. The composite index rose from 18 in May to 22 in June. This was driven by an increase in the new orders index, while the other two component indexes—shipments and employment—also remained in expansionary territory. Overall, respondents saw improvement in local business conditions and were optimistic that conditions would continue to improve in the coming months.
Many manufacturers increased employment and wages in June and expected further increases in the next six months. Firms struggled to find workers with the necessary skills, a difficulty that manufacturers expected will continue.