U.S. factory orders fell into negative territory for the first time since October 2020, delivering a fresh sign that America’s manufacturing sector is suffering a slowdown. The U.S. Census Bureau announced on Wednesday that orders for U.S. manufactured goods declined by 1.0 percent in year-over-year terms in May, the first time in 31 months that…
US Manufacturing Falls Deeper Into Recession as Economy Faces ‘Clear Challenges’
America’s manufacturing sector fell deeper into recession territory in May, extending a multi-month slump as experts warn that the U.S. economy faces “clear challenges.” The Institute for Supply Management (ISM) said in a report Monday that its manufacturing purchasing managers index dropped to 46.0 last month, the lowest reading since May 2020 and the eighth…
ANALYSIS: India Embraces Opportunity as Multinational Companies Shift Production out of China
June 26, 2023
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India, with the world’s largest population and a huge market, is benefiting from the global trend of “derisking” from China. Market research firm IMA India released its “2023 Global Operations Benchmarking Survey” in May, which surveyed 100 business leaders representing international B2B (business to business) companies in India. It showed that 88 percent of CEOs preferred…
China Factory Activity Slows, Adding to Economic Strains
June 1, 2023
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BEIJING—China’s manufacturing slowdown deepened in May as consumer and export demand weakened, a survey showed Wednesday, adding to signs an economic rebound following the end of anti-virus controls is slowing. Chinese leaders are under pressure to shore up the recovery after a survey found a record 1 in 5 young workers in cities were unemployed….
Interest Grows in Orange County Foreign Trade Zone
May 23, 2023
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A growing number of companies are showing interest in the foreign trade zone since Orange County rekindled marketing efforts months ago, according to economic development director Steven Gross. One timber production company in Broome County just made an application to join the zone. Another food manufacturing company in Port Jervis is considering making its space…
EPA Proposals Could Lead to Multibillion-Dollar Economic Losses for US: Study
The U.S. Environmental Protection Agency’s (EPA) proposed regulations on air quality could end up costing the American economy billions of dollars and hundreds of thousands of jobs, said a report prepared by Oxford Economics for the National Association of Manufacturers (NAM). In January, the EPA proposed new standards seeking to lower fine particulate matter known…
Recession Fears Grow in US Manufacturing Despite Biden’s Investments
President Joe Biden has made manufacturing a centerpiece of his administration’s initiative to build a green energy economy, touting investments the White House put forward to resuscitate towns that were “shadows of what they used to be.” Supporters say that the president’s efforts to revive the manufacturing sector appear to be working as taxpayer-funded investments…
IN-DEPTH: Reshoring US Industry from China Requires Defense-Driven Innovation, Economist Says
April 22, 2023
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It’s increasingly the received wisdom in Washington: China’s military power and manufacturing capacity are twin challenges America must face. Economist David Goldman wants to address the two together through vigorous industrial policy driven by smart defense spending–but his analysis has already met with skepticism in some quarters. “The United States is going to go bankrupt…
A Boom in US Manufacturing?
Commentary As American firms rethink their sourcing in China, some, it seems, have decided to bring their operations home. In 2022 and so far this year, investment in domestic U.S. manufacturing has risen smartly. Some of this spending aims to take advantage of federal largess, subsidies, and tax advantages for domestic chip making, electric vehicles…
US Manufacturing Slumps to Lowest Level in 3 Years
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….
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