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 fifth consecutive month, according to the Richmond Fed’s latest survey. Looking at the main components of activity, shipments were virtually unchanged, while employment grew at a modest pace, and new orders grew more slowly. Other indicators varied. Growth in backlogs moderated considerably this month and capacity utilization fell below its all-time high readings seen in April and May. Vendor lead-time continued to grow at a solid pace, while inventories grew at a somewhat slower rate.
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Looking ahead, manufacturers’ optimism remained in place in June, though it was less rosy than last month. Firms anticipated that their shipments, new orders, capacity utilization, employment and the average workweek would grow in coming months, albeit less robustly. In contrast, they expected backlogs of orders and capital expenditures to grow more quickly.