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Manufacturing Activity Expanded in June
Fifth District manufacturing activity expanded in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index rose from 18 in May to 22 in June. This was driven by an increase in the new orders index, while the other two component indexes—shipments and employment—also remained in expansionary territory. Manufacturers continued to report shrinking inventories, growing order backlogs, and lengthening vendor lead times. Overall, respondents saw improvement in local business conditions and were optimistic that conditions would continue to improve in the coming months. ... (full story)