Federal Reserve Bank of Richmond (07/28/15)

Manufacturing activity increased moderately in July in the Mid-Atlantic states, according to the latest survey from the Federal Reserve Bank of Richmond. The composite index rose to a reading of 13 from last month’s reading of 7. Shipments advanced 11 points to end at 16, while the index for new orders added seven points to finish at a reading of 17.

Manufacturing employment softened this month; the index settled at 1. Furthermore, the average workweek shortened, with that index also finishing at a reading of 1. Average wages rose nearly on pace with a month ago, with that index ending two points below the previous month at 14. Firms expect strong growth in hiring in the months ahead. The index for expected employment advanced to a reading of 22.