The “new normal” is looking a lot like the old normal as U.S. imports continue to fall. Volumes began declining sharply in September and were already close to 2019 levels by the end of last year. They’re expected to pull even with pre-COVID numbers this month and next. Port trackers forecast that import volumes in [...]
In the Q4 2022 NAM Manufacturers’ Outlook Survey, 68.9% of respondents felt either somewhat or very positive in their company outlook, down from 75.6% in the third quarter. It was the weakest reading since the third quarter of 2020, with growth slowing notably across the board. Indeed, it was the first reading below the historical [...]
The U.S. Department of Labor’s Job Openings and Labor Turnover Survey showed a slight increase in manufacturing job openings in November. NAM Chief Economist Chad Moutray explained what we saw and what it all means. Help wanted: “The November report recorded 779,000 manufacturing job openings, up from 722,000 in October, with increased postings for both [...]
After contracting in the first two quarters of 2022, the U.S. economy rebounded in the third quarter, expanding 3.2% at the annual rate. Despite the improvement in activity in the third quarter, significant downside risks remained in the economic outlook, with the risk of a recession elevated. With that said, the current forecast is for [...]
The NAM is calling on policymakers to provide much-needed tax fixes that were not included in the omnibus spending package. These include reversing a tax change that would make R&D much more expensive for manufacturers, hampering their ability to invest and grow. What we’re saying: “Congress’ failure to reverse tax policies that make it more [...]
On the one hand, there are signs that raw material costs continue to decelerate, which is encouraging, while remaining at highly elevated levels. Yet, on the other hand, prices continue to accelerate or exceed expectations in some categories, such as for food and for core inflation. That will continue to put pressure on the Federal [...]
In September, the federal agency published formal notice of intent to revise its joint employer standard, which went into effect in 2020. Under the 2020 rule, an entity can be considered a joint employer of another employer’s workers only if it and the other employer share or jointly determine the essential terms of employment, such [...]
The J.P. Morgan Global Manufacturing PMI declined to 48.8 in November, contracting for the third straight month and falling to the lowest level since June 2020. With worldwide manufacturing activity weakening materially in recent months, firms continued to grapple with economic and geopolitical challenges. New orders and output deteriorated further in November, decreasing to post-pandemic [...]
Jobs that have traditionally required a four-year college degree are increasingly accepting applicant skills and experience instead, according to The Wall Street Journal (subscription). The reason? The still-tight labor market. What’s going on: “Companies such as Alphabet Inc.’s Google, Delta Air Lines Inc. and International Business Machines Corp. have reduced educational requirements for certain positions [...]
Activity contracted for the first time since May 2020, with the ISM® Manufacturing Purchasing Managers’ Index® dropping to 49.0 in November. New orders contracted for the third straight month, with exports falling for the fourth consecutive month, albeit at a slower pace of decline in November. Employment declined for the fifth time year to date, [...]