Many Fifth District manufacturing firms reported another decline in activity in June, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index fell from -9 in May to -19 in June, as two of its three component indexes dropped further into negative territory. The indexes for shipments and volume of new orders declined from -14 and -16 in May to -29 and -38 in June, respectively. The third component, the employment index, rose to 23 from 8 in May. The wage index also remained elevated, despite a minor downward shift, indicating that a large share of firms continue ... (full story)