Factory Orders, Manufacturing Productivity Rise

Factory orders rose by a respectable 2.3% in June, the fourth straight month of expansion and close to the record high seen a year ago, according to new Census Bureau data. The details: Durable goods increased 4.6% to a record high, mostly thanks to a huge leap in orders for nondefense aircraft and parts. Excluding [...]

2023-08-11T11:26:52+00:00August 11th, 2023|

July Jobs Report

Manufacturing employment declined in July, marking the third decrease of 2023, according to the Bureau of Labor Statistics. What’s going on: Jobs in manufacturing dipped by 2,000. Year to date, the sector has added just 11,000 employees, a significant slowdown from its pace of 385,000 in 2021 and 390,000 in 2022. However, the number of [...]

2023-08-11T11:26:18+00:00August 11th, 2023|

Manufacturers Should Be Cautiously Optimistic About the Economy

With a recession so far failing to materialize and inflation showing signs of weakening, manufacturers may begin to grow less wary about the economy. Recent data suggests that despite continuing risks, the bright spots may win the day. Growth: GDP grew at a 2.4% annual rate in the second quarter of 2023, according to data [...]

2023-08-11T11:25:47+00:00August 11th, 2023|

US Economy

The U.S. economy grew more robustly in Q1 of 2023 than previously calculated, according to a large upward revision from the Commerce Department on Thursday, CNBC reports. What’s going on: “Gross domestic product increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of 1.3% and ahead of the 1.4% [...]

2023-08-11T11:25:17+00:00August 11th, 2023|

June Update

Manufacturing activity contracted for the second straight month at the weakest pace year to date, with the S&P Global Flash U.S. Manufacturing PMI dropping from 48.4 in May to 46.3 in June. The headline index was pulled lower by sharply reduced new orders and output, with exports also falling strongly but at a slower pace. [...]

2023-08-11T11:24:42+00:00August 11th, 2023|

Employer-Friendly Test Change

The National Labor Relations Board voted to reverse the employer-friendly test on independent contractor classification on Tuesday. The background: The decision overturned the Trump administration’s ruling to elevate “entrepreneurial opportunity” as the key factor for worker classification, returning to the common law test. Why it matters: The rule might shift the employment status of millions [...]

2023-08-11T11:24:04+00:00August 11th, 2023|

Manufacturers Outlook

   in the latest NAM Manufacturers’ Outlook Survey, 67.0% of respondents felt either somewhat or very positive in their company’s outlook, down from 74.7% in the first quarter. Nearly 57% of manufacturers believed that the U.S. economy would experience a recession over the next 12 months. Roughly 10% felt that the economy would avoid a [...]

2023-08-11T11:23:17+00:00August 11th, 2023|

House Republicans are Taking the First Steps Toward Restoring Tax Provisions

House Republicans are taking the first steps toward restoring tax provisions important to manufacturers, according to The Wall Street Journal (subscription). What’s happening: Legislators are working to get a bill through the House Ways and Means Committee, potentially as soon as this month, though it’s unlikely to ever reach President Biden’s desk. Instead, this effort [...]

2023-08-11T11:21:32+00:00August 11th, 2023|

Manufacturers Grow More Concerned About Regulatory Blitz

Manufacturers are becoming increasingly concerned about the unprecedented number of unbalanced, unworkable regulations being handed down by federal agencies, according to the NAM’s Q2 2023 Manufacturers’ Outlook Survey. Sixty-five percent reported that if regulatory burdens were reduced, they would purchase more equipment; more than 46% said they would pay their workers more. Over sixty-three percent [...]

2023-08-11T11:20:35+00:00August 11th, 2023|

May Job Report

Manufacturing shed 2,000 jobs in May, the second month of declines for the industry in the past quarter, according to the Bureau of Labor Statistics. What’s going on: Manufacturing has added just 10,000 workers year to date, a significant slowdown from the 385,000 and 390,000 employees in 2021 and 2022, respectively. However … there were [...]

2023-08-11T11:19:14+00:00August 11th, 2023|
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