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Global Manufacturing Economic Update – November 14, 2015

Here is this month’s Global Manufacturing Economic Update:

The global economy has seen its share of challenges this year. These include deflationary worries in Europe, decelerating growth in China and declining activity in South America, among others. Along those lines, the Bank of Japan announced on October 31 that it would increase the amount of its monthly asset purchases, stepping up its quantitative easing program in an effort to spur faster growth. As we noted in last month’s report, the United States fares pretty well in comparison. The International Monetary Fund slightly downgraded its global outlook, with world output now estimated to expand by 3.3 percent and 3.8 percent in 2014 and 2015, respectively. Yet, it raised its estimates for real GDP growth in the United States in 2014 from 1.7 percent to 2.2 percent. (continue reading…)

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Manufacturers Hired at the Fastest Pace in Nearly Four Years in September

The Bureau of Labor Statistics said that manufacturers hired 280,000 workers in September, a sharp uptick after the soft 236,000 hires observed in August. The September figure was the fastest pace since November 2010, or nearly four years.

At the same time, the number of manufacturing separations – including layoffs, firings and retirements – also increased, rising from 237,000 to 268,000. Therefore, there were 12,000 net new hires (or hires minus separations) in September, an improvement from the net loss of 1,000 manufacturing employees in August. In addition, net hiring has averaged 15,600 per month over the past five months (May to September), progress from the 5,000 average over the five months prior to that (December to April). (continue reading…)

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Make the R&D Credit Permanent Now

Ever wonder why the R&D credit is so important and why it needs to be made permanent? Well, if you have two minutes to spare, you can learn exactly why a permanent R&D credit would boost US innovation and jobs by watching The Tech CEO Council’s “Make the R&D Tax Credit Permanent” video. The video calls on Congress to make the credit permanent once and for all. The NAM agrees — it’s time to give manufacturers the certainty they need to once again make the US the world’s leading innovator. Click here to watch the video, and help spread the word that the R&D credit should be reinstated and made permanent now.

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Veterans Are Critical to Success of Manufacturing

Tomorrow is Veteran’s Day. A day we set aside to honor and celebrate the men and women who have given service to our nation in the Armed Forces. This one day is rightfully dedicated to them in gratitude, but manufacturers believe our nation’s veterans deserve our support the other 364 days of the year as well. The challenge for members of the armed services transitioning out of service and into the private sector is often translating how those skills are valuable to the private sector. (continue reading…)

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Investment Week

This week the National Association of Manufacturers (NAM) is sponsoring “Investment Week” to highlight the critical role that capital investment plays in a competitive manufacturing sector.

While the country has officially come out of the Great Recession, economic growth is anemic and the economy isn’t where it should be. (continue reading…)

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Monday Economic Report – November 10, 2014

Here is the summary for this week’s Monday Economic Report: 

yoy manufacturing sector employment - nov2014Last week, we received a number of encouraging reports on the state of the manufacturing sector and the U.S. economy. The Institute for Supply Management reported that its manufacturing Purchasing Managers’ Index (PMI) rebounded, up from 56.6 in September to 59.0 in October. This brought the index back up to where it was in August, with both readings at their highest levels since March 2011. This suggests that the manufacturing sector was making healthy gains as we began the fourth quarter, and as further evidence, demand and production were both higher in October. In fact, the new orders and output indices have now been 60 or greater for six straight months. Hiring also picked up. (continue reading…)

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Manufacturers Added 15,000 Workers in October

The Bureau of Labor Statistics said that manufacturers added 15,000 net new workers in October, an improvement after softer data in August and September. Speaking of those months, the August and September data were both revised higher, adding another 12,000 employees in total. Year-to-date, the manufacturing sector has generated 128,000 net new workers, or an average of 12,800 over those 10 months. Since the end of 2009, manufacturers have created 704,000 employees on net.

These data suggest that hiring in October returned to the monthly averages that we have seen over the past year. That is an encouraging sign that manufacturers are continuing to add workers consistent with recent increases in demand and output. In addition, manufacturing leaders remain mostly upbeat in their outlook, which should bode well for hiring moving forward in the sector.

At the same time, these numbers underscore the importance of pro-growth, pro-export policies over the coming months. As policymakers debate their next steps post-election, they need to focus on measures that will have an immediate positive impact on the economy such as enacting tax reform, passage of Trade Promotion Authority, reauthorizing the Export-Import Bank, adopting immigration reform, enhancing workforce development and finding long-term infrastructure spending solutions, and other priorities.

(continue reading…)

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ISM: Strong Gains in the Manufacturing Sector in October

The Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index (PMI) grew strongly in October, rebounding after a disappointing headline figure in September. The main index rose from 56.6 in September to 59.0 in October, back to where it had been in August. As such, the August and October readings were both the highest levels since March 2011, suggesting healthy gains in the sector as we move into the fourth quarter. (continue reading…)

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Monday Economic Report – November 3, 2014

Here is the summary for this week’s Monday Economic Report:

The U.S. economy grew 3.5 percent at the annual rate in the third quarter, representing decent growth following the disappointing first half of 2014. Consumer and business spending, which rebounded strongly in the second quarter, extended those gains in the third quarter, albeit with some easing in the pace of growth. Exports were also up strongly for the quarter, and imports were down. Dramatic inventory swings over the past three quarters were also evident, with stockpiles searching for a new normal. After adding 1.47 percentage points to real GDP in the second quarter, slower inventory replenishment subtracted 0.57 percent in the third quarter, making it one of the few negatives in the report. (continue reading…)

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NAM Supports Legislation Providing Permanent Pension Nondiscrimination Testing Relief

NAM joined several organizations today writing to the House and Senate in support of legislation to provide permanent relief from certain pension nondiscrimination testing rules. In the House, Congressmen Pat Tiberi (R-OH) and Richard Neal (D-MA) introduced a bill (H.R. 5381) to do just that, and last month, Senators Rob Portman (R-OH) and Ben Cardin (D-MD) introduced a similar measure (S. 2855).

The nondiscrimination fix would give manufacturers the flexibility to continue the transition from traditional defined benefit (DB) to defined contribution plans without fear of tripping IRS nondiscrimination testing rules over time. (continue reading…)

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