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

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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.

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