Richmond Fed: "Fifth District Manufacturing Firms Reported Robust Growth in May"

May 22 14:05 2018 Print This Article

From the Richmond Fed: Fifth District Manufacturing Firms Reported Robust Growth in MayFifth District manufacturing firms saw robust growth in May, according to survey results from the Federal Reserve Bank of Richmond. The composite index swung from −3 in April to 16 in May, boosted by growth in the indexes for shipments, new orders, and employment. Local business conditions also moved back into expansionary territory, after weakening in April, and firms remained optimistic that growth would continue in coming months.Survey results indicate that both employment and wages rose among manufacturing firms in May [Index for number of employees increased from 12 to 18], however, firms still struggled to find the skills they needed. They expect this struggle to continue in the next six months and also expect employment and wages to increase further.Many manufacturing firms continued to increase spending in May. The growth rate of prices paid continued to rise, on average, but firms seemed able to pass some of change through to customers, as prices received also grew at a faster rate.emphasis added

Read More

About Article Author

Calculated Risk

A full time blogger, Bill McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.

  Categories:

Related Items

TheDailyGold Premium Flash Update (11/13)

The 5-page premium update was published and emailed to subscribers Tuesday evening. We provide our latest analysis and projections for the gold stocks.   ...

EY Reports on Alternative Investments and Artificial Intelligence

The twelfth annual report of what used to be known as the EY Global Hedge Fund Survey has been re-christened the EY Global Alternative Fund Survey. As it has under the earlier name, EY again records the views of fund managers and investors around the globe on a wide rangeRead More ...

Bleeding your RRSP dry to save on tax when you’re dead

Q: I am just retiring as a single woman, one income. I have to draw on my RRSP immediately and I am 66 years old and drawing OAS and CPP. My question and concern is should I be taking as much out of my RRSP as possible at this point? Not to go over the $72,000 a year limit (so as not to claw back ...

Shares In Oilfield Services Firm Weatherford Drop Below $1

Shares of oilfield services firm Weatherford International Plc (NYSE: WFT) on Nov. 13 slipped below $1 apiece, to a 29-year low, the latest sign that investors are losing confidence in its turnaround plan. The stock, which peaked at almost $50 in 2008, has fallen sharply since oil prices crashed in ...

Wednesday: CPI

From Matthew Graham at Mortgage News Daily: Token Improvement For Mortgage Rates Mortgage rates improved by what could only be described as a token amount today. In other words, we're not talking about any major changes. In fact, mortgage rates themselves will be unchanged from Friday for almost any ...

Goldman: Unemployment rate down to 3% in early-to-mid 2020

A few brief excerpts from a Goldman Sachs research note: Following the remarkable momentum in job growth, we update our estimate of the breakeven payroll pace that stabilizes the unemployment rate and estimate how long it will likely take before we get there.We estimate the pace of breakeven payroll ...

Global GDP Still Propped Up By A Massive Amount Of Debt - Steve St Angelo (13/11/2018)

Nov 13,2018 While the government agencies and economists continue to publish strong GDP figures, they seem to overlook how much debt it took to produce that growth. Or should I say, the “supposed growth.” The days of adding one dollar of debt to get one dollar of GDP growth have been long gone ...

USD/CAD – Canadian dollar slips to 4-month low as risk appetite slips

The Canadian dollar has edged higher in the Tuesday session, after three straight losing sessions. Currently, USD/CAD is trading at 1.3231, down 0.14% on the day. On the release front, there are no major U.S. indicators and no Canadian events. On Wednesday, the U.S. releases CPI reports. Nervousne ...

EUR/USD – Euro pauses from sharp slide as German CPI matches forecast

After three straight losing sessions, EUR/USD has reversed directions and posted slight gains. In the Thursday session, the pair is trading at 1.1249, up 0.28% on the day. On the release front, German ZEW Economic Sentiment posted a dismal reading of -24.1, just above the estimate of -24.2 points. ...