Richmond Fed: Composite manufacturing index rose from 1 in May to 7 in June

"The composite manufacturing index rose from 1 in May to 7 in June, as the indexes for shipments and new orders increased," announced the Federal Reserve Bank of Richmond.

Key highlights:

• The employment index was relatively flat. Most firms continued to report steady or higher wages; although the index for wages did fall in June, it remained above 0
• More firms reported a decline in the average workweek than reported an increase
• Looking six months ahead, manufacturing executives were more optimistic in June than in May
• Survey responses pointed toward more moderate growth in both prices paid, and prices received