Federal Reserve Bank of Richmond (06/23/15)

Manufacturing activity grew modestly in June, according to the most recent survey by the Federal Reserve Bank of Richmond. The composite index rose to a reading of 6 from last month’s reading of 1. Shipments remained flat, while the index for new orders advanced nine points, reaching a reading of 11.

Manufacturing hiring continued to grow at a modest pace this month. The indicator gained one point to finish at a reading of 4 in June. The average workweek grew on pace with last month; the index moved down one point to end at 5. Average wages rose nearly on pace with a month ago; the index lost three points to finish at a reading of 17. Manufacturers expect to increase hiring in the next six months.