South By North Strategies, Ltd.

From the Federal Reserve Bank of Richmond’s latest survey of manufacturing activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Manufacturing activity in the central Atlantic region expanded for the fourth straight month, according to the Richmond Fed’s latest survey. Looking at the main components of activity, shipments edged slightly higher, while new orders inched lower and employment grew more slowly. Other indicators were also mixed but suggested continued solid activity. Backlogs continued their upward trend and capacity utilization matched its all time high reading seen in April. Vendor lead-time continued to grow at a solid pace; suggesting activity remained strong in May. Inventories grew at a somewhat slower pace.
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Looking forward, assessments of business prospects for the next six months were generally on par with last month’s readings. Firms looked for shipments, new orders, and capacity utilization to grow more rapidly in the months ahead, while they expected capital expenditures to grow more moderately.