The latest information on manufacturing and the economy from the National Association of Manufactures and the Council of Industry
Members:
Here is the Monday Manufacturing Economy Report from NAM Chief Economist Chad Moutray for 9/11/2017. The Council of Industry, as member organization of the National Association of Manufacturers is happy to share this report with our members.
Here are some highlights from the report:
"The manufacturing data continue to trend in the right direction, with the stronger global economy and a weaker dollar helping to buoy demand and production in the sector. The U.S. dollar has fallen 8.6 percent year-to-date against major currencies, according to the Federal Reserve Board. Despite that softening, it is important to note that the dollar has still appreciated 15.6 percent since the end of June 2014. Overall, though, net exports so far in 2017 have not been the drag on the U.S. economy that they were in both 2015 and 2016—definitely a welcome development. Using non-seasonally adjusted U.S. Census data, U.S.-manufactured goods exports totaled $628.69 billion year-to-date in July, up 3.87 percent from $605.25 billion one year ago. This reflects better year-to-date figures in five of the top six markets, with slightly lower exports to the United Kingdom being the lone exception.
Meanwhile, manufacturing labor productivity grew modestly by 2.9 percent in the second quarter, rebounding from the 0.2 percent gain seen in the first quarter. This was revised up slightly from an earlier estimate of 2.5 percent, and it was the third straight quarterly increase in productivity in the sector, improving from two consecutive declines in mid-2016. The latest data indicate some progress, but the longer-term trend remains a concern. Labor productivity in the sector has been essentially stagnant since the Great Recession, but through the first half of 2017, the annual rate was 1.5 percent. Still, that is well below the 5.2 percent pace for manufacturing output per worker experienced from 2002 to 2008." Read Chad Moutray's Full Report Here.
