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 sixth consecutive month but at a more moderate pace in July, according to the Richmond Fed’s latest survey. Looking at our main components of activity, employment continued to grow at a modest rate, while shipments and new orders grew at a rate below June’s pace. Most other indicators also suggested slower growth. Backlogs eased and capacity utilization continued to grow more slowly. Vendor lead-time grew at a considerably slower rate, while inventories grew at a somewhat quicker pace.
…
Looking forward, manufacturers’ optimism about their business prospects continued to wane, compared to a month ago — slowing was most evident in shipments, new orders, capacity utilization, and capital expenditures. In contrast, contacts expected employment and the average workweek to grow more quickly.