Richmond Fed Manufacturing Report Shows Acceleration

Manufacturing activity in the Fifth District continued to accelerate in June, with the Richmond Fed Manufacturing Index exceeding expectations by rising by 4 points from the May reading to 20. The monthly gain was buoyed by all three of main components of the index, with shipments up 2 points to 18, the volume of new orders up 6 points to 22, and the number of employees up 6 points to 22.