Richmond Fed Manufacturing Index Slows, Remains In Expansion Territory

Manufacturing activity in the Fifth District slowed slightly but remained solidly in expansionary territory in July, with the Richmond Fed Manufacturing Index slipping to 20, down just 1 point from June's upwardly revised reading and in line with most expectations. Leading the index lower were declines in the employment indices: the number of employees was down 1 point to 22, wages fell 5 points to 22, available skills were down 3 points to a minus 16, and the average workweek fell 1 point to 10. Shipments also contributed to the overall decrease by falling 1 point to 16.