Federal Reserve Bank of Richmond (07/22/14)

The Federal Reserve Bank of Richmond reports that manufacturing activity in the central Atlantic region grew moderately in July, buttressed by higher demand for labor and an increase in wages. The Richmond Fed’s manufacturing composite index rose from 4 in June to 7 in July, while the shipment index rose from 2 in June to 3 in July. The employment index rose from 4 to 13, and the workweek index fell from 5 to 3.

Companies expect an increase in hiring in the months ahead, with the index rising from 12 to 19. The index for expected average wages fell from 28 to 23. Manufacturers anticipated the average workweek would increase at the same rate as last month; the index held steady at 10.