U.S. manufacturing activity contracted in March for the fourth straight month, dropping to its lowest level in nearly three years amid a sharp pullback in demand. The Institute for Supply Management (ISM) said in an April 3 report that its Manufacturing Purchasing Managers’ Index (PMI) fell to 46.3 last month compared to 47.7 percent in February….
Labor Under Scrutiny Over Defence Manufacturing Deal
The federal government’s commitment to Australian manufacturing is under scrutiny after a contract worth hundreds of millions of dollars was awarded to a New Zealand company. Crossbench senator for Tasmania, Tammy Tyrell, has criticised the decision by the federal government to award a $259 million (US$173 million) defence rations contract to a New Zealand company,…
The Question of College
March 3, 2023
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Commentary Student debt debates have among other things enlivened conversation about the nation’s long-standing emphasis on college. With so many graduates unable to repay the cost of their education, questions naturally have arisen about whether college effectively serves the economy’s skills needs and, accordingly, whether many now in college might do better with some other…
GE Plans to Invest Over $450 Million to Upgrade US Manufacturing in 2023
General Electric said on Thursday it plans to invest more than $450 million in its existing manufacturing facilities in the United States this year and hire more than 1,700 employees, in a bid to bolster its aerospace and energy businesses. The move comes as the Boston-based conglomerate is wrestling with inflationary and supply-chain pressures, and…
US Manufacturing Sector Contracts Again; Raw Material Prices Rise
WASHINGTON—U.S. manufacturing contracted for a fourth straight month in February, but there were signs that factory activity was starting to stabilize, with a measure of new orders pulling back from more than a 2-1/2-year low. The Institute for Supply Management survey on Wednesday also showed prices for raw materials increasing last month, suggesting inflation could…
Inflation Heats Up Despite Easing Supply Chain Pressures
February 22, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationInvestmentmanufacturingMarketssupply chainU.S. InflationUncategorizedUSUS News
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U.S. inflation is heating up despite improvements in supply chain pressures. This comes as business activity in the United States picked up in February, according to the latest U.S. Purchasing Managers’ Index (PMI) Composite Output Index from S&P Global on Feb. 21. Although supply chain disruptions showed signs of easing, inflation remain stubbornly elevated, as…
Manufacturing in China and Exporting Globally ‘No Longer Viable’: Kyocera
February 21, 2023
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Kyocera, one of the largest chip component manufacturers in the world, believes China can no longer play its role as the global factory amid heavy sanctions from the United States, and the company has begun shifting production to other places, including Japan. “It works as long as [products are] made in China and sold in…
Japan’s Factory Activity Shrinks at Fastest Pace in 2–1/2 Years: PMI
February 21, 2023
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TOKYO—Japan’s manufacturing activity contracted at the fastest pace in 30 months in February, a business survey showed on Tuesday, in a worrying sign for the world’s third-largest economy, which is facing weakening demand and struggling to tame cost pressures. The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) fell to a seasonally adjusted…
Philadelphia Fed Manufacturing Index Crashes, Adding to Recession Concerns
Manufacturing activity in the mid-Atlantic region tumbled unexpectedly in February, adding to recession concerns. Goods producers reported a spike in input costs for the first time in 10 months, despite a slowdown in company price increases—a sign that margin pressures were worsening. The Philadelphia Federal Reserve’s manufacturing index for February fell to -24.3 this month from…
EXCLUSIVE: Rep. Chip Roy to Roll Out Bill Aimed at Cutting Manufacturing Reliance on China
February 9, 2023
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A group of Republicans led by Rep. Chip Roy (R-Texas) is set to introduce a bill aimed at bringing manufacturing back to the United States and restoring economic independence from China. Despite rising political tensions between the world’s top two economic powers, U.S. trade with China has steadily grown, setting a new record last year….
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