Richmond Fed: Manufacturing Index edges down to 20 in July from 21 in June

"The composite manufacturing index fell from 21 in June to 20 in July, but it remained in solid expansionary territory," the Federal Reserve Bank of Richmond announced on Tuesday.

Key takeaways from the official publication

• Manufacturing employment growth slowed in July, as the employment index fell from 23 in June to 22 in July.
• Firms continued to struggle to find workers with the skills they needed and expect this struggle to continue in the next six months.
• Manufacturing firms reported that the gap between growth in prices paid and prices received narrowed in July, although both increased.
• Respondents expect growth in prices received to continue to accelerate in coming months but anticipate a slowing in growth of prices paid.