Manufacturing production rose 0.9% in May, bouncing back after edging down 0.1% in April. More importantly, output in the manufacturing sector is off just 0.5% from pre-pandemic levels, and manufacturing capacity utilization increased from 74.9% in April to 75.6% in May, the best rate since December 2019. Manufacturing activity in the New York and Philadelphia [...]
Manufacturing employment rebounded somewhat, rising by 23,000 in May after falling by a downwardly revised 32,000 in April. There remained 509,000 fewer manufacturing employees relative to pre-pandemic levels, with 12,290,000 employees in May. Despite job growth for the month, businesses continue to cite difficulties in finding enough talent. There is optimism for continued growth moving [...]
Yet, raw material costs and output prices soared once again at all-time high rates, and IHS Markit survey respondents continued to cite severe supply chain disruptions. Manufacturing surveys from the New York and Philadelphia Federal Reserve Banks produced similar findings. While manufacturing activity eased in both districts in May, the underlying data and the outlook [...]
The Bureau of Labor Statistics released its Job Openings and Labor Turnover Survey, which showed a record 851,000 manufacturing job openings in April, up from 749,000 the month before. NAM Chief Economist Chad Moutray breaks it down for us. Spotlight on manufacturing: “In April, manufacturers hired 396,000 workers, down from 434,000 in March, largely on [...]
The new analysis calculated the effects of increasing the corporate tax rate to 25%, increasing the top marginal tax rate, repealing the 20% pass-through deduction, eliminating certain expensing provisions and more. The negative consequences would include the following: One million jobs would be lost in the first two years. The average reduction in employment would [...]
The J.P. Morgan Global Manufacturing PMI rose from 55.0 in March to 55.8 in April, the fastest pace in 11 years, buoyed by growth in new orders, output and hiring, each of which was the strongest in at least a decade. Overall, manufacturers remain very upbeat in their outlook for production over the next six [...]