Manufacturing activity flattened in May, according to the most recent survey by the Federal Reserve Bank of Richmond. Shipments and the volume of new orders leveled off, while the backlog of orders declined further compared to last month. Hiring edged up, while the average workweek increased slightly. However, average wage growth accelerated this month. Despite the soft conditions this month, manufacturers continued to look for improved business conditions in the next six months. Expectations were for solid growth in shipments and in the volume of new orders in the six months ahead. In addition, survey participants ... (full story)