Richmond Fed Manufacturing Growth Slows

Fifth District manufacturing activity growth slowed in June, according to the latest survey from the Richmond Fed, whose composite index slipped 2 points to 3. Coming in a point short of the consensus forecast, the slightly slower pace was driven by a sharp 15-point drop in the employment sub-component to 2, partly offset by improvement in some of the other sub-components, with shipments up 5 points to 7, new orders up 1 point to 1, and local business conditions up 6 points to 8.