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Yazoo Mills, an industry leader in production of 100% recycled paper tubes and cores, is pleased to announce the comple tion of their second manufacturing facility located in Hanover, PA. The 90,000-square-foot facility houses the newest manufacturing technology and provides increased winding capacity to position Yazoo as the industry leader for consistent quality, excellent service, and fast turn-around times.   

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Based on the CCTI Bylaws changes that were ratified at the CCTI 2018 Annual Meeting, don't forget to vote to ratify the CCTI Board of Director's slate for 2018/2019. Login into the CCTI Members Only Section here by September 1, 2018 to cast your vote.  Contact us if you need your log in credentials by emailing [email protected].  Lloyd Anderson, Crown Fibre Tube Mark Ellis, Corenso Dave Hooe, Precision Products Group Jason Erdie, Erdie Paper Tube Mike Mundia, Tube-Tainer, Inc. Marshall Hutcheson, Miami Valley Paper Tube Co. Stuart Seltman, Crescent Paper Tube Greg Metcalfe, Great Plains Packaging Mark Mackimm, Rainbow Rubber and Plastics (associate) Kevin Hayward, Ox Industries (Past President) To nominate future board members for consideration, please email [email protected].  You must be a paid member to vote, be nominated or serve on the board of directors.

After a busy few weeks of data, there was a bit of a breather on new economic indicators out last week. Of the reports that were released, one of the standouts was non-farm  job openings, which exceeded 6 million for the first time ever. This was yet another sign that the labor market has improved significantly in recent months. 

Not surprisingly, with the U.S. economy approaching "full employment," many businesses cite challenges with attracting new talent as one of their top concerns. Postings in the manufacturing sector have also been elevated in recent months, including March's all-time high of 404,000. However, in April, the pace of job openings decelerated to 359,000, and net hiring weakened. Nonetheless, I would continue to expect stronger job openings and hiring data moving forward, especially given recent improvements in the economic outlook for the sector.

Business economists continue to expect modest growth in the U.S. economy, with real GDP up 2.2 percent and 2.4 percent in 2017 and 2018, respectively. With that said, nearly 60 percent of respondents in the latest National Association for Business Economics  Outlook Survey felt that there were more upside risks to the economy, especially given possible fiscal policy changes, with 36.2 percent feeling there were more downside risks. For manufacturers, economists see industrial production rising 1.5 percent in 2017, with 2.4 percent growth in 2018. On the other hand, light vehicle sales in 2017 are expected to slow somewhat while continuing to remain strong overall, down from an estimate of 17.5 million units in March to 17.2 million units in this release. The forecast is for 17.1 million units sold in 2018. At the same time, housing starts are anticipated to increase from 1.27 million units in 2017 to 1.35 million units in 2018.

Much of the focus this week will be on the Federal Reserve, which is widely expected to raise short-term interest rates for the second time this year at the conclusion of its June 13-14 meeting. The Federal Reserve will also release May industrial production data. Manufacturing output rebounded strongly in April, and another expansion in the latest figures is expected. In general, the data should continue to reflect progress for the sector relative to what was seen one year ago, with manufacturing production up 0.8 percent since April 2016. There will also be surveys from the New York and Philadelphia Federal Reserve Banks for June, which both diverged in their May reports, with respondents to the Philadelphia Federal Reserve survey still reporting strong growth but the Empire State report stagnating.