What’s happening: Caterpillar has developed a system of inspecting, taking apart and rebuilding old engines. In 2021, Caterpillar processed about 127 million pounds of used equipment. Environmental goals: Remanufacturing used engines is part of Caterpillar’s broader goal to make its operations even more environmentally friendly. According to the company, remanufacturing an engine produces 61% less greenhouse gas [...]

“Manufacturers continue to cite their inability to attract and retain enough workers as a top concern,” said Chad Moutray, director of the Center for Manufacturing Research at The Manufacturing Institute. “We know that firms in the sector will need to identify 2 million workers over the course of the next decade.” “To achieve that goal, manufacturers need to think [...]

In an effort to combat inflationary pressures in the economy, the Federal Open Market Committee voted to increase the federal funds rate by 50 basis points at the conclusion of its May 3–4 meeting, consistent with expectations, with the current range being 0.75–1.00%. It is widely anticipated that the Federal Reserve will hike interest rates [...]

Nonfarm payrolls grew by 428,000 for April, a bit above the Dow Jones estimate of 400,000 and identical to March. The unemployment rate held at 3.6% after being expected to nudge lower to 3.5%. Leisure and hospitality led job gains followed by manufacturing and transportation and warehousing. Wages rose 0.3% and were up 5.5% from [...]

Private manufacturing wages and salaries jumped 1.5% in the first quarter. That increase translated into 4.9% growth over the past 12 months, the fastest pace in the history of the data series, which dates to the beginning of 2001. The U.S. economy shrank 1.4% at the annual rate in the first quarter, contracting for the [...]

The S&P Global Flash U.S. Manufacturing PMI rose to 59.7 in April, the best reading since September, with key measures strengthening, proving that manufacturing activity remained resilient despite numerous challenges. Still, the index for future output eased to a six-month low, even as it continued to point to optimism about production growth moving forward. Manufacturers [...]

The lease sales … will include 173 parcels on about 144,000 acres, or about 20 percent of the area that had been nominated for energy-related lease sales and the overall acreage Interior analyzed for inclusion in potential sales. By the numbers: “The royalty rate for new leases will increase to 18.75% from 12.5%. That’s a [...]

In 2020, manufacturers committed to taking 50,000 tangible actions to increase equity and parity for underrepresented communities. The NAM and The Manufacturing Institute are leading the effort to create 300,000 pathways to job opportunities for Black people and all people of color by 2025. The U.S. Export-Import Bank has approved a White House-backed plan aimed [...]

Manufacturing production rose 0.9% in March. These data continued to show the resilience of the sector, which reported strong growth despite significant challenges from supply chain bottlenecks, workforce shortages, soaring production costs and COVID-19. Indeed, manufacturing capacity utilization jumped to 78.7% in March, the highest reading since December 2007. Overall, manufacturing production has risen 3.9% [...]

Meanwhile, new orders for manufactured goods pulled back 0.5% from a record $544.7 billion in January to $542.0 billion in February. These data were pulled lower by declines in sales for motor vehicles and nondefense aircraft. Excluding transportation equipment, manufacturing orders rose 0.4% to a record $459.2 billion in February. Despite lingering supply chain, workforce [...]