Fifth District manufacturing activity changed little in June, according to the most recent survey from the Richmond Fed. The composite index dropped slightly from 5 in May to 3 in June, resulting from a drop in the employment index, while the other two components, shipments and new orders rose slightly. Most firms reported some improvement in local business conditions, and they were optimistic that they would see growth in the next six months. Survey results suggested that the employment and average workweek indexes were fairly flat in June. Meanwhile, wage growth reportedly continued and firms still struggled to ... (full story)