From the Kansas City Fed: Growth in Tenth District Manufacturing Activity Slowed Somewhat
The Federal Reserve Bank of Kansas City released the June Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that growth in Tenth District manufacturing activity slowed somewhat, while producers’ expectations for future factory activity showed little change and remained at solid levels.
“We saw some moderation in factory growth in June and many contacts mentioned difficulties finding qualified workers,” said Wilkerson. “However, many respondents noted solid expectations for future months.”
The month-over-month composite index was 6 in June, down from 10 in May and 7 in April. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes. … The production index dropped from 14 to 2, and the new orders, employment, and new orders for exports indexes also declined.
The last regional Fed manufacturing survey for June will be released on Monday, June 30th (Dallas Fed). In general the regional surveys have indicated growth in June at about the same pace as in May.