Fifth District manufacturing activity remained sluggish in July, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index edged down from -8 in June to -9 in July. Two of its three component indexes —shipments and new orders—also fell slightly. The shipments index edged down from -5 in June to -6 in July, while the new orders index fell from -16 to -20. The employment index, however, rose from -1 in June to 5 in July. Firms remained somewhat pessimistic about local business conditions, as the index registered -9 in July. The index for future local business ... (full story)