From the Kansas City Fed: Tenth District Manufacturing Activity Increased Slightly
The Federal Reserve Bank of Kansas City released the June Manufacturing Survey today. According to Megan Williams, survey manager and associate economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity increased slightly.
“Regional factory activity posted a positive reading for the first time since January 2015, as energy prices have stabilized somewhat and orders have increased,” said Williams. “Additionally, firms continue to expect further improvements for the months ahead.”
The month-over-month composite index was 2 in June, up from -5 in May and -4 in April … The employment index edged up from -13 to -4, its highest level in over a year
The Kansas City region was hit hard by lower oil prices. Now that “energy prices have stabilized somewhat”, manufacturing has stopped contracting (at least for one month).