NY Fed: Manufacturing Activity Picked Up Again in November

The Empire State Manufacturing Survey reported a pickup in activity again in November after slowing somewhat in October. The New York Federal Reserve Bank’s composite index of general business conditions rose from 6.2 in October to 10.2 in November. While this figure reflects continued expansion in the sector, it is perhaps notable that the headline figure had averaged 21.2 over the five months of May through September. As such, growth for manufacturers in the New York Fed district has been more modest in the fourth quarter than it was mid-year. (continue reading…)

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Monday Economic Report – November 17, 2014

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

Manufacturers produced $2.085 trillion in value-added in the second quarter, according to new data from the Bureau of Economic Analysis. That figure is continued evidence that the manufacturing sector has a significant impact on economic activity, accounting for 12 percent of GDP. Moreover, the sector added 0.81 percentage points to second-quarter real GDP growth, which rebounded by 4.6 percent after weakness in the first quarter. This suggests that manufacturers had an outsized impact on economic growth in the second quarter, with only the professional and business services sector having a larger contribution to real GDP. (continue reading…)

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University of Michigan: Consumer Confidence at Highest Point Since July 2007

The University of Michigan and Thomson Reuters said that consumer confidence rose to its highest level since July 2007. Preliminary Consumer Sentiment Index data increased from 86.9 in October to 89.4 in November. This reflects continued improvement in Americans’ perceptions about the U.S. economy, with the headline figure rising from 75.1 in November 2013 (in the aftermath of the budget shutdown). Moreover, it mirrors similar data from the Conference Board, which also has reached a pre-recessionary high of late. (continue reading…)

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Retail Sales Bounced Back in October

The Census Bureau said that retail sales rose 0.3 percent in October, offsetting the 0.3 percent decline in September. This was slightly better than the consensus estimate of 0.2 percent growth for the month. Moreover, gasoline station sales fell 1.5 percent and have declined in four of the past five months. Of course, gasoline prices were largely behind this decrease, with the average price of regular gasoline dropping from $3.64 in late June to less than $2.91 last week. Excluding gasoline, spending would have risen 0.6 percent, suggesting better sales figures in the broader market. (continue reading…)

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U.S.-India Deal Provides Breakthrough on WTO Trade Facilitation Agreement

The United States and India announced today an agreement that paves the way for implementation of the World Trade Organization (WTO) to implement the Trade Facilitation Agreement (TFA), the first multilateral trade agreement to be concluded in the history of the WTO. Progress on the TFA was halted in July, when a small group of countries – led by India – blocked consensus on implementing the TFA and raised concerns about the status of the WTO’s work on food security issues. The new compromise included no major revision of the original WTO deal struck last December, which provided for India’s food stockpiling to be shielded from legal challenge by a “peace clause.” The compromise clarified, though, that the legal shield would remain until a permanent solution was found. (continue reading…)

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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 Welcome Congress Back; Say Now Is Time To Govern

As Members of the 114th Congress descend on Washington for orientation, and the 113th Congress convenes for the upcoming lame duck session, manufacturers stand ready to work with our leaders to advance policies that will enable us to continue to grow and create jobs.   Manufacturers believe that now is the time to set aside the differences that have resulted in gridlock, and focus on the pro-growth policies that brought voters to the polls. Simply put, it is time to govern and grow. (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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Investment Incentives Help Farmers

Since 1948, Unverferth Manufacturing has been working to improve and serve America’s farm operations. From humble beginnings as a company begun by a son and his father in their family’s barn manufacturing and marketing dual and triple wheel systems and components, Unverferth today is a leading manufacturer and marketer of tillage equipment, pull-type sprayers, grain carts and grain wagons, and agricultural dual and specialty wheels. Today the company has three manufacturing facilities: two in Ohio and one in Iowa and eight sales branches across North America. (continue reading…)

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Manufacturers Added 0.81 Percentage Points to Real GDP Growth in the Second Quarter

The Bureau of Economic Analysis said that manufacturers added 0.81 percentage points to real GDP growth in the second quarter. As reported earlier, real GDP rebounded strongly in the second quarter after weakness in the first quarter, expanding by 4.6 percent. Durable and nondurable goods sectors contributed 0.51 percent and 0.30 percent, respectively, to second quarter real GDP growth. Indeed, real value-added increased by 8.0 percent for durable goods firms, with 5.4 percent growth for nondurable goods manufacturers. (continue reading…)

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